John Lennon - Watching the Wheels Lyrics Meaning

I think differently.
First: Wheels. Lennon may be referring to guys ability to talk, that is, to those who like to give advice: wheelin' and dealin'. He makes it all explained in the verses

And "you no longer on the ball", meaning you're not the same man, when he was a Beatles, of course.

"You no longer play the game", meaning Lennon not is anymore what he used to be, when he was a Beatles
This is it.

Marsel