I may well be dumber than a box of rocks, but the implications are clear to moi.I read a while back that he wrote it for her to sing. I hadn't realized it was about her.
Vaguely remember perusing at work many years ago, a colleague's print of Playboy with BS on the cover. lol.
But, Dylan being Dylan, who knows. very private guy. Doesn't really matter anyway. People compose songs in showers and planes.