The title is a play on the name of Frank Sinatra's 1973 comeback album and television special, 'Ol' Blue Eyes is Back (1973)'.
Fred makes mention that Frank Sinatra lost his chance at the Vice Presidency. He is referring to something that was happening in the Nixon administration at the time. Sinatra had been close friends with Spiro Agnew, Nixon's vice president. When Agnew resigned after a bribery charge, several candidates were discussed as possible candidate to take his place and one, very briefly, was Sinatra. The job, of course, ultimately went to Gerald Ford.
At the end of the show, after Fred throws a baseball through his front door window, he is shown miming some angry words through the broken window at the departing Rollo. If you can lip read, he is using actual four-letter profanity that otherwise could not be spoken on the show.