I am reminded this morning of that rarest of birds, the lyrics site that doesn’t suck: Rap Genius. RG breaks down rap songs line-by-line and not only explains all the references but attempts to “critique rap as poetry”. Here’s Gotta Have It from Watch the Throne.
(Ain’t that just like D. Wade? Wait)
Jay may be saying that Kanye and he are like LeBron and D-Wade. 1a and 1b. Great at what they do, hated because they brag about how good they are as a unit (and just because they ARE good). I guess that means Memphis Bleek is Jason Williams
The “wait” part may have been Jay giving pause to the LeBron/Wade reference after their epic fail during the 2011 NBA Finals. Jay is more likely to jab at LeBron now, because he was unhappy with the way his friend mishandled his “Decision” to go to Miami. He left Jay, a minority owner of the New Jersey Nets, in the dark with the rest of the NBA when he chose to take his talents to South Beach.