Looking at the bulge, you start to panic. What's it going to do to your crotch? Turn your cock into some funky skunk penis? Expand it to impractical proportions? Something worse? Already you can see the front of your pants moving, wavering as the latex in them reforms. You almost want to take them off so you can watch directly, but fear what you might see. However, your fears are eased when you see the large bulge shrink away and the movement stop.
Making sure no one can see you, you pull down your pants to get a look. What you see chills you to the bone. The bulge has shrunk, yes, but it's shrunk right past the size your genitals originally were. Where you once had a penis, testicles, the works, there is now only a smooth layer of latex. You rub it, and it feels like it's a very thin layer of the stuff... almost as though your manhood doesn't even exist under it anymore. That's just too much to bear and you try frantically to pull the stuff off, but it sticks to you with an almost uncanny zeal and refuses to budge.
You're resigned to your fate, and can do little more than look longingly at the spot your member once stood.