What part don't you understand? Riding bulls that don't want you on them? Riding horses that don't want you on them? Clowns everywhere? Racing horses around trash cans? Pulling heavy sleds with prehistoric looking horses? Tying up calves for kidnap? It all seems pretty straightforward to me.
Coincidentally I just heard that song again a couple weeks ago for the first time in a decade. It's a great song. I actually like it more now than I did when it came out.
My first rodeo was in Grand lakes Colorado. I had just eaten a pot Brownie. 30-40mins in, at about the same time I was coming to the realization that I was indeed quite high, the rodeo clown appeared and started walking around the stands. I have never avoided eye contact with someone so hard in my life.
But now I can unironically say, "this isn't my first rodeo", and I find that amusing, so that's nice.