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Define Its In The Bag Meaning

Its In The Bag
A person has just closed the deal to have sex.

Its in the bag he is mine now to fuck.
By Ninnette
Its In The Bag
I've got it won.
The Deal is closed.

playing poker and you have four of a kind and
"its in the bag"
By Brooke
Hanging Its Bag Out
The object in question is approaching a point of inevitable failure.

A car approaches, smoking, rattling and is obviously going to break down.
Dude 1: Dude, that car sounds awful!
Dude 2: Its hanging its bag out!
By Caryn