Reese will just gain more and more talent “by the layers” as he gets older, or becomes “grey in the face”.

Reese compares himself to the king on a chessboard, while the competition is merely a pawn (much less important piece in the game).
He then plays off the term “checkmate”, which ends a game of chess, telling the opposition that he’s checking out their ladyfriend or “mate”, and will probably take her from them, and there’s nothing they can do about it.

Voss asks the competition if they really wanna “beef” (have problems with) he and Reese, who are the “filet Mignon”, or “prime cuts” of this rap shit.
Filet Mignon is a steak cut of beef taken from the tenderloin, meaning it’s the best part of the steak. Hence the tie-in with the term “beef”.

“rawest” = “most vicious”…also, ties into the upcoming meat metaphors.

LOL j/k plz don’t.

Comparing Voss and Reese to ferocious dogs…not a reference to this plague on humanity:
http://www.youtube.com/watch?v=He82NBjJqf8

Lyrically, this is Reese:

so back the fuck up.

All terms essentially meaning “top notch” or “ruling all”, in the case of “imperial”.

Since Reese is killing his competition, he sees their hearts go cold, so to speak.
He then compares his delivery when rapping to the precision of classical music pioneer Mozart:

A reference to the Phil Collins classic about watching a man drown, which Reese compares to the competition he “kills” lyrically, making them ghosts like the character in the song:
http://www.youtube.com/watch?v=JDhf_0QtM10