Straight up Old Testament prophet stuff. This is God speaking to someone explaining all the ways that He has saved this guy, and saying that even though it breaks His heart He's going to let this man go his own way. Later in the song God says that He knows that this guy will come to Him when he's in trouble but will turn away when things get better.
This song could be interpreted a number of ways, but I'm 99% sure this is the correct interpretation. I read part of an interview with Mark Tremonti where he explained that this album is a bit of a concept album based on Myles Kennedy's struggles with faith. I love the honesty and transparency of the songs on this album!