I wanted so desperately to hate this. I mean, it's Hot Chelle Rae!
But it is a sparse cover, in the right ways. It translates well to an acoustic performance. And it's reverently performed by a bunch of guys who clearly wish they wrote this song.
They have done electric, arena-ready versions of this song as well. Again, they do it with reverence - they know the song is bigger than they are, and they accept that. Even this cover stays sparse.