To preface this review, I wanted to address a response you made to a review in the previous version of this song. As a judge, I can tell you that all entries are evaluated based on their connection to their artwork as well as how they fare as music. Relevance to art is just a component of judging, but it is not the sole factor. Other components that music compos typically look at such as composition, structure and production are still factors in this compo.
As far as relevance to artwork goes, your entry definitely checks the box. I like how the title of the art you were inspired by is transformed into a likeable hook for your song. I'm not usually a fan of entries sharing the same title as their art inspirations, but I didn't have a problem with it for yours.
I like how the lyrics encapsulate the essence of who Squidward as a character is and go one step deeper into the sad sap he is. I know they're not perfect to the character, but they do give off a similar sort of personality to what he has. I also like how the sliding higher notes towards the end also remind me of the music in SpongeBob (particularly the tracks that sometimes play during a titlecard for an episode), but in no way sound like they're ripping off the music from the show.
One thing I really missed from the first version of your entry was the introduction with the funky guitars, because those also fit the art quite well and served as a great beginning to the lyrics. I do enjoy how a hint of them sort of come up with the sliding notes towards the end, but I think they would have been so much more effective had the intro from the previous version been heard. I wasn't really a fan of how the track instantly starts, which is a shame because I like everything else about this track. The harmonies in the vocals and the off-and-on nature of the pitch in the vocals add a lot of charm to the song, and I like that they stand out more in this version.
Overall, I think you did a great job at connecting the art to the entry you've made. If the intro from the old version could be connected to this version, I think you'd have a pretty solid entry all around.