Several of the lyrics are very applicable to the idolatry of sports stars in general and Mr. Federer specifically.
"He never gives attention, but you still yearn." Fact.
And the line about the "broken record" could refer to the fact that Roger is considered by many to be the GOAT (Greatest Of All Time) in the world of tennis and holds the record for the most Grand Slam wins.
(And on an unrelated note, I am in love with the lettering on the building behind the musician. It looks just like a scene out of That Thing You Do!)
And just to be random, I'll tell you that I once heard on The Today Show that the first big hit of The Plain White T's was inspired by the name of an aspiring Olympian. And this article (from a fairly sketchy website, I admit) confirms my remembrance. Which is to say that every time I hear this song I think of the Olympics instead of long-distance, unrequited love.
Unless of course that unrequited love swims the 100m freestyle in under 48 seconds and hangs out at Berkeley...