The album's name is a reference to Wig Out at Denko's, the second long-player by Dag Nasty, and according to press interview on BBC Radio 1 with Lauren Laverne references a night out at London venue DreamBags JaguarShoes which is referred to locally by its patrons as ‘JagBags’. Malkmus has also stated it is a Chicago term he read at a fantasy basketball message board. Malkmus has said he found both funny.[2]
Upon initial release the album generally received positive reviews, attaining an aggregated score of 74 out of 100 on Metacritic.[4] At Alternative Press, Jeff Rosenstock wrote that although "[f]earlessly skating all over the landscape of American rock music could lead lesser bands into a confusing disconnected record", the album "is full of so much life and melody that it stands as a refreshing alternative to the increasingly homogeneous state of indie rock."[15]