The song is an uptempo bluegrass song about the Devil's failure to gain a young man's soul through a fiddle-playing contest. The song begins as a disappointed Devil arrives in Georgia, apparently "way behind" on stealing souls, when he comes upon a young man named Johnny who is playing a fiddle, and quite well. Out of desperation, the Devil, who claims to also be a fiddle player, wagers a fiddle of gold against Johnny's soul to see who is the better fiddler. Although Johnny believes taking the Devil's bet might be a sin, he fearlessly accepts, confidently boasting that "I'm the best that's ever been."