"For over 30 years the lyrics of American Pie have been subject to intense scrutiny as people search for the song's real meaning. Analysis continues today on the Internet and in newspapers and magazines worldwide. All interpretations start on the premise that Don McLean never talks about the song and has never provided insight into the meaning of the lyrics. In fact, Don McLean has spent 30 plus years doing little else but talk about American Pie!"-- From Don McClean's website--
Most of verse 3 is about Bob Dylan:
"Now for ten years we've been on our own
And moss grows fat on a rollin' stone
But that's not how it used to be
When the Jester sang for the King and Queen
In a coat he borrowed from James Dean
In a voice that came from you and me
Oh, and while the King was looking down
The Jester stole his thorny crown
The courtroom was adjourned
No verdict was returned."
(and then it transitions to a few lines about the Beatles)