We model the northern middle radio lobe of Centaurus A (NGC 5128) as a buoyant bubble of plasma deposited by an intermittently active jet. The extent of the rise of the bubble and its morphology imply that the ratio of its density to that of the surrounding ISM is less than 10^{-2}, consistent with our knowledge of extragalactic jets and minimal entrainment into the precursor radio lobe. Using the morphology of the lobe to date the beginning of its rise through the atmosphere of Centaurus A, we conclude that the bubble has been rising for approximately 140Myr. This time scale is consistent with that proposed by Quillen et al. (1993) for the settling of post-merger gas into the presently observed large scale disk in NGC 5128, suggesting a strong connection between the delayed re-establishment of radio emission and the merger of NGC 5128 with a small gas-rich galaxy. This suggests a connection, for radio galaxies in general, between mergers and the delayed onset of radio emission. In our model, the elongated X-ray emission region discovered by Feigelson et al. (1981), part of which coincides with the northern middle lobe, is thermal gas that originates from the ISM below the bubble and that has been uplifted and compressed. The large-scale jet appearing in the radio images of Morganti et al. (1999) may be the result of the same pressure gradients that cause the uplift of the thermal gas, acting on much lighter plasma, or may represent a jet that did not turn off completely when the northern middle lobe started to buoyantly rise. We propose that the adjacent emission line knots (the outer filaments) and star-forming regions result from the disturbance, in particular the thermal trunk, caused by the bubble moving through the extended atmosphere of NGC 5128.