I'd offer that the idea of coded language attracts the paranoid. You can generally tell when something has racist intent by the context of the message rather than by particular words. If someone has a bunch of facebook posts about welfare people stealing their tax dollars, but all the examples are pictures of black people then you don't need to see "welfare baby" as a dog whistle. The racism is pretty apparent on the surface.
In bishop's case, he did the whole thing backwards. You have a businessman who put money into NFL advertising and sees the NFL ratings drop well below what he was promised when he made the deal and he puts some of the blame of his struggling sales on that. It's a blame shift, but a valid one. You make the deal based on ratings that are gone. It doesn't help that a ESPN employee advocated for boycotting advertisers not so long ago.
Bish takes all that context, removes it, and starts from the base of complaining about protests being a dog whistle and then builds context around that assumption. His logic (by his own words) was 1. Papa Jon complaints about protests 2. 99%% of the protesters are black 3. Protests about police brutality against blacks. Thus: racist papa johns pizza.
Generally this is what I find when I see people spout off on dog whistles, because they have attuned their mind to the same wave length as a racist because that's what a paranoid person must do to find all the hidden language they believe exists. Valid information get eschewed. Everything is viewed via a focus on race.