This is about the group Dashboard Confessional, who were going to help New Found Glory get a deal with their label, Drive-Thru Records. Instead, Dashboard Confessional signed to a different label, which didn't help New Found Glory.
"Singled Out" was the name of a game show that ran on MTV from 1995-1997 in which contestants would gradually be eliminated until the last one left got to go on a date with the guy or girl playing. The show launched the career of Jenny McCarthy, who was one of the first hosts and parlayed it into a Playboy appearance and even her own TV show. She was later replaced by another playmate, Carmen Electra. None of this has anything to do with the song.
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