if you dum dums actually listen to the song it goes
"you cats is home screaming the f!ghts on,
im in them $1500 seats watching tyson,
same night same f!ght, but one of us cats at playing right i let u tell it"
basically while me and you yell to our n*ggas in the kithchen the f!ght on!!! he is at the f!ght live d*cks
It was actually both. He was making that point and hitting Pac with a subliminal. Quite clever.
You gotta realize this song came a year after PAC's death. Jay and Big probably wrote it weeks after. During that time, moreso than now, rumors of Pac's fake death were rampant.
Basically Hov was saying you ain't playing fair, Pac. "I'll let YOU tell it" since you still alive. If he wasn't trying to get a Pac, now way would he have bothered to put that particular line together so shortly after his death.