The Bag Man suit is based on an original Fantastic Four suit, in addition to a bag with eye holes for a substitute mask.
Unlike in original comic counterpart, this Bag Man suit for this game is tight to matches Spider-Man's built. In this game, The Bag Man suit is complete with Fantastic Four's original gloves and boots. The most infamous feature which this game's Bag Man suit did not have, is a "Kick Me" sign prank paper written by Johnny Storm/Human Torch on its back.
In the comics, Spider-Man wears this suit after separating himself from the Venom symbiote, with the Human Torch lending Spider-Man one of his old Fantastic Four costumes and a paper bag to cover his face.