Noel Gallagher has described "The Masterplan" as possibly the last "culturally significant" song he wrote for Oasis, marking what he sees as the end of the band's classic creative peak. He revealed the track was written and recorded quickly, purely as a B-side for the "Wonderwall" single, only for its quality to prompt hesitation from Creation Records before it was released as a bonus cut and later reissued as a single in its own right.

Gallagher explained he wrote the song and others during the sessions for (What's the Story) Morning Glory?, insisting he "didn't write shit songs" even when knocking out B-sides on demand. He contrasted this fertile period with his subsequent dislike of Be Here Now, none of whose tracks featured on the Stop the Clocks compilation, and expressed pride that fans have had to seek out non-album gems like "It's Good to Be Free" and "Headshrinker". The piece also notes recent signs, including an emotional appearance at the Venice Film Festival, that Oasis's 2025 reunion tour could extend into new material via a mooted 2027 tour.