Lovecraftian Mondegreen

Just heard a clip of Tom Paxton's rendition of "I Remember Loving You" (which is more or less by Utah Phillips), and was a bit startled at the lyrics:

And the whispering of the Deep Ones

As they watch every move that I go through

Turns out it's actually "the people" who are whispering, but I went back and listened to the clip again and it still sounds like "Deep Ones" to me.

Wonder if Paxton had been reading Lovecraft.