The song is called “The Spoils”, which comes from the phrase “To the victor go the spoils”. The speaker in the song is in love with a person who is in involved with another woman. This other woman is the victor; to her go the spoils. The person they both love is “the spoils”. Out of pure love and a desire for her love’s happiness, she lets him/her go. The speaker is dealing with the pain of that loss and the infinite emotional distance there must be between herself and the person she loves; and across that distance, over time, the painful image of the person she loves ossifies, fades; but she’s still holding on to him/her. That hopeless love — it never leaves her.