When a guy wakes up after throwing his meat around all night with a limp pruned sticky dick.
Fucked this girl all night and woke up with soggy bacon. Breakfast In bed has been served.
When a girl expects a guys junk to be erect and happy to see her, and sadly comes to realize its flaccid, or "soggy". Like the actual soggy bacon, its disappointing.
Mike: Hey man, how was that chick last night?
Jaquare: Shit, man. I thought I was ready, but I pulled a soggy bacon on her.