Light propagation in systems of optical cavities coupled to waveguides can be conveniently described by a general rate equation model known as (temporal) coupled mode theory (CMT). We present an alternative derivation of the CMT for optical cavity-waveguide structures, which explicitly relies on the treatment of the cavity modes as quasi-normal modes with properties that are distinctly different from those of the modes in the waveguides. The two families of modes are coupled via the field equivalence principle to provide a physically appealing yet surprisingly accurate description of light propagation in the coupled systems. Practical application of the theory is illustrated using example calculations in one and two dimensions.