Green’s Dictionary of Slang

1. easy, simple, no problem; esp. of sporting contests, when the outcome has been rendered certain by underhand or illicit means.

1942		ATS 254: Prearranged Bagged . . . in the bag . . . all sewed or sewn up.
1973		P. Heller In This Corner (1974) 40: He wasn’t trained for it. He thought it was bagged. Johnson knocked him out in the fifteenth round.

2. made amenable by a bribe.

1974

Teresa & Renner Vinnie 140: They weren’t like [...] the cops who were bagged. They used to crack down [HDAS].