Art historian Akela Reason proposes that the painting is a tribute to a number of the artist's father-figures: Holmes probably was Eakins's first art teacher; Gardel was his French teacher; Benjamin Eakins was his literal father; and Jean-Léon Gérôme, his master at the École des Beaux-Arts, is represented by a print of Ave Caesar Morituri te Salutant, over the clock.
Author Martin Berger has analyzed the content of the painting in detail, finding it an evocation of the passage of time and ascribing it a highly personal meaning in Eakins' life. The younger chess player's attempt to kill the older player's king is analogous to the Oedipal complex. In the way that his father Benjamin is placed in opposition to Eakins the painter, the two may be envisioned as playing out a psychological "conflict" across the other axis of the chess board. In this light it is not coincidental that the painting was made on wood panel rather than canvas. While Eakins has humbled himself before his father in signing the painting only by reference to being Benjamin's son, he also presents his father ambivalently. Elevating his father's status, he places Benjamin centrally, with the vanishing point behind Benjamin's head. Yet Eakins has obscured his father's face by shadow and by the angle at which he looks down upon the game. Although the painting was dedicated to Benjamin, the title "The Chess Players" curiously leaves Eakins' father out of the narrative of the picture.