After Montag kills Captain Beatty and goes on the run, he soon realizes that Faber's house is the only place he can go. There, Faber reveals his tiny TV. As they watch the coverage showing the new Hound unleashed to find him, M - O - N - T - A - G, he starts to wonder about the spectacle he could observe of his own capture.
This daydream is in line with the other revelations he had that led up to his killing Beatty and choosing to save books. He now understands that most of what is shown on TV is propaganda, intended to manipulate people and reassure them with entertainment and what today we call fake news.
Montag realizes that he is about to become the star of a manufactured drama. It holds a bizarre fascination to contemplate witnessing his own demise. The fact that the concept seems so familiar and is oddly comforting shows that mentally, Montag has not fully left his old life. It also shows that he is exhausted from running, almost ready to give up, and borderline suicidal.
But in the last two lines, before Faber bursts him out of his reverie, the opposite reaction is also shown. This shows how torn he is about leaving his way of life and town. Fantasizing about giving some big speech when he is captured, Montag wonders what he would say:
A single word or phrase that would stay with them, long after the Hound had turned.... What could he say in a single word, a few words, that would sear all their faces and wake them up?
Montag shows that, far from giving up on his people, he still hopes to jolt them into awareness that things really need to change.