If you don't get the first panel, don't worry about it, it's just a nerdy way of expressing the feeling in the last panel. I've felt about that close to graduation for about two years now, myself. At least I know the feeling is common enough to appear in a comic strip. (For those who are not familiar, "Piled Higher and Deeper" is a little like Dilbert, except in an academic setting rather than corporate America.)
