This song is about how advertising creates an artificial need for a product, in this case pizza.
This song deals with compulsions and addictions using pizza as a metaphor. The lyrics, "What a splendid pie, pizza-pizza pie, every minute, every second, buy, buy, buy, buy, buy" relates to how if you crave something you will buy it like there's no tomorrow.
The title refers to Los Angeles Lakers broadcasters Chick Hearn and Stu Lantz. The first verse includes a line Hearn used about the game being "in the refrigerator." This was when The Lakers had the game in control.
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