Step 1: Think about the layered wrapping of the penis. Just outside the tough tunica albuginea sits a firm membranous sheath called Buck's fascia, which envelops the erectile bodies.
Step 2: Because this sheath is dense and continuous, an intact Buck's fascia traps bleeding within the shaft and stops it from spreading. The trapped blood swells the shaft into the well known aubergine or egg-plant shape.
Step 3: Buck's fascia is continuous with Colles' fascia of the perineum. So once Buck's fascia tears, the blood is no longer confined and travels along Colles' fascia into the scrotum, perineum and lower abdominal wall.
Step 4: The fatty Camper's fascia and the deep fascia transversalis play no containing role for the penis, so the layer that prevents extravasation is Buck's fascia.
\[\boxed{\text{Buck's fascia}}\]