It certainly does seem legit fast forward to 7:00. Alex Jones with the commentaryhttps://youtu.be/gISByrEVWUI
It does appear to be a penis. If I wore those pants without underwear, it would have the same flop pattern but be far more noticeable and forceful.
Up to now, I always took Michelle Obama= Transgender as a joke, but now I'm not so sure.
Apparently the theory is that her kids are adopted, that she is a he and former president Obama is gay.
edit, and of course there is this photo
I guess it could just be her clit that is enlarged or wrapped up in her underwear