I've always believed it's "Picture love with patience and reason." As in there are angels on the sideline that can only picture love with patience and reason while watching and wondering when the tug-of-war will end.

The whole sentence works well also. "Angels on the sideline agian picture love with patience and reason." He says "again" beacause he's said it twice already. This line is the climax. I've even clarified it to the point of dumbing it down saying "Angels on the sideline ARE PICTURING love with patience and reason but unfortunately to no avail." just to get my point across. People say "That doesn't make any sense!" and it confounds me. He says angels on the sideline a couple of times, and it makes sense for him to say "again." The whole sentence sums up the message of the song rather well. "ANGELS ON THE SIDELINE (again) PICTURE LOVE WITH PATIENCE AND REASON." This is really what I believe he's saying.