The song is built around a riff that Clark later admitted was based on the Searchers' cover of "Needles and Pins". Music critic Mark Deming has said that, lyrically, "I'll Feel a Whole Lot Better" takes a sardonic view of romance, with Clark undecided about whether to break off a relationship with a woman who hasn't been entirely honest with him. The song's refrain of "I'll probably feel a whole lot better when you're gone" betrays Clark's uncertainty about ending the relationship and whether such an act would be the answer to his problems or not.