It’s been a while since I saw “The Last Waltz” so I may be a bit off in my recollection, but I think Robbie Robertson reflected on their situation in 1978 or so and said, in effect, “Man, The Band has been doing this for 15 years. That’s a long time. How much more can you do? It’s time to say goodbye.”
And Keith Richards is still laughing at that little joke.
The Band was back in the road in the 80s, IIRC. Richard Manuel hung himself in a hotel room in Florida after a show.
L