Gay subtext?
The capsule review in the "Time Out" film guide says that the subtext for this movie is homosexual. ("Heterosexual relationships ... pale by comparison with the romantic glow of male/male encounters.") I find this interpretation a curious one. True, I'm sure "Lifeguard" has a gay following if only because hunky, handsome Sam Elliott spends much of the time wearing nothing than swim trunks, thus showing off a quite attractive physique. But I don't think the story line and characters add up to much of a homosexual subtext. True, "Rick" doesn't sustain a relationship with any of the three women he sleeps with -- the airline stewardess, the lonely girl, and the divorced mother -- but he does enjoy having sex with them. I think it's that ol' bugaboo "committment" which puts an end to these relationships rather than any repressed preference Rick might have for gay sex.
As for those male/male relationships, there seem to be only two of them worth noting in the movie. Rick meets an old schoolmate (Stephen Burns) who urges him to become a car salesman. These two men resume their high-school friendship on a casual basis but I don't see anything more to it than that. Then there's the college student (Parker Stevenson) who becomes the assistant lifeguard for the summer. This young man also spends a lot of time in swim trunks but do you ever see Rick ogling him? ("Hey, kid, let's go take a shower".) Does Rick ever invite the guy over to his place for a drink? No and no.
True, Rick's relations with his old high school buddy and with the young lifeguard aren't fraught with the trouble and turmoil which mark his dealings with the story's three women, but might this simply be because he doesn't regard his male friends as objects of sexual interest?