Is the 'We will be Champs...' Aimed at us winning the title last year? Or us (going) to win this competition??

Could also change those words?

We will be Champions my friend,
We'll keep on fighting till the end,
cos, We will be champions,
cos, We will be champions,
You'll all be losers,
cos, We will be Champions....... On radio 1.... (Or) (On the Nemone show....)

Just a another suggestion in the hat!