I’m on my P’s and Q’s and carrots

P’s and Q’s are details.
Peas and carrots are murmurs.

I want every detail and every utterance for the remainder of our relationship to be worth its size in diamonds as opposed to weight in gold.

And plus I get paper dog, don’t let me forget / The watch face so blue like it’s holdin it’s breath

I’m making the absolute most of our time together due to my suspecting the end.

Also, if time is really money then making the most of my time should also make a very expensive watch.

Like the chain in the first verse this returns later in the song…

Death is being used as a metaphor for… well… death. Death of the relationship. However, this verse is from the pre-problem perspective. This is an anticipation of the end rather than an actual ending.

I have the blues (sadness) because I have Blue and I’m worried that our relationship is too good to be true.

We are surrounded by water at sea-level (conflict in our relationship), looking toward the sky (the reflection of our relationship) only to find that the bluejay is flying away (the relationship is ending).

Davy Jones wants the ship for his locker.

If the crew (the two of us) starts to slack off and things become hazy (the lines are blurred in the relationship) the possibility of avoiding icebergs (obstacles) is slim and none.

Also a double reference:

JAY Z/Iceberg Slim – following with the motif
Eminem/Slim Shady – Blue’s favorite rapper

If a Cruze is too heavy to make it through a shallow manmade water basin, then you can imagine the challenge of keeping a cruise from sinking in the ocean.

Of course, in the middle of the ocean every end is the deep end.

Our love runs even deeper than Chevy’s slogan.

I don’t think Don MacLean’s Chevy was a Cruze.

Roc-A-Fella is the army – better yet – the navy!

I used a quote from Takeover because the song was used as a middle finger to Jay’s enemies. I’m giving mine to the whole world saying all I need is my girl.

Navy is a “darker blue”.

This now introduces the water motif that becomes an integral part of the song. Like fire, water represents an obstacle that tries to keep us apart.
The Navy being soldiers of the water furthers the analogy:
Just as the Navy is made up of soldiers that attempt to control the waters, we are the soldiers that attempt to control our own metaphorical waters.

These 2 bars and the next intentionally break from the pessimistic metaphorical language of the rest of the verse to give a more accurate depiction of our relationship. At this point, while I anticipate and fear the end, things are actually going well and it’s more a matter of insecurity than actual problems.