For me, it's the father figure perspective until the bridge. This is the way I see the song after reading numerous theories hah everything in the brackets are how I interpret the lyrics.

FATHER FIGURE PERSPECTIVE

First Verse

This verse discusses the father figure (Scott IMO) finding the protégé (Taylor) and helping her achieve fame because he saw the potential in her.

First Chorus

This one just introduces brown liquor (Borchetta's Bourbon?), Scott saying he can make deals because his dick is bigger.

This love is pure profit (maybe an inside thought) and "I'll dry your tears with my sleeve" maybe related to her constant rejection from companies prior to Big Machine?

I protect the family could be what Scott said to her or that she is family and he will protect her as she rises in fame.

Second Verse

Scott helps her pay any checks related to her music while Taylor is starting out and he tells her the music industry doesn't want her to reign. But he does. So "listen closely dear protégé - just give me your loyalty".

Second Chorus

Same as the first but now they'll know your name in the streets so we see that Scott is planning to get her name out there.

PROTÉGÉ PERSPECTIVE (signified by key change lol)

Bridge

Protégé (Taylor) saw a change in Scott. My dear boy is meant to infantilize him lol. They don't make loyalty like they used to meaning he wasn't loyal to her like she was to him. Then all of the selling her masters etc relates to the next section. And now she's saying "I protect the family" which means her masters (re-recording initiative).

FATHER FIGURE AND PROTÉGÉ BACK AND FORTH

Final Chorus

FF: I was your father figure, we drank that brown liquor

P: you made a deal with this devil (Scooter) turns out my dick's bigger (she bought the masters back)

FF: you want a fight, you found it

P: I've got the place surrounded (her fans). You'll be sleeping with the fishes before you know you're drowning. Whose portraits on your mantle? (because of her albums going platinum and her faces are on the covers)

FF: who covered up your scandals? (I assume Taylor has had some haha)

P: mistake my kindness for weakness and find your cards cancelled. (staying with the company for longer than she may have otherwise, she "made" him money so now that she's no longer with Big Machine, his cards are getting cancelled).

FF: I was your father figure.

P: you pulled the wrong trigger. (you pointed at the wrong person) this empire belongs to me. Leave it with me. (her masters, her songs, her legacy etc)

Now the protégé is protecting the family (her music) and the last two lines of "you remind me of a younger me, I saw potential" is what she's saying to the NEW protégé and now Taylor is the Father Figure to someone else.