The Collaborative International Dictionary of English v.0.48:

Baggy \Bag"gy\, a.
   Resembling a bag; loose or puffed out, or pendent, like a
   bag; flabby; as, baggy trousers; baggy cheeks.
   [1913 Webster]

WordNet (r) 3.0 (2006):

baggy
    adj 1: not fitting closely; hanging loosely; "baggy trousers";
           "a loose-fitting blouse is comfortable in hot weather"
           [syn: baggy, loose-fitting, sloppy]

Moby Thesaurus II by Grady Ward, 1.0:

81 Moby Thesaurus words for "baggy":
   amorphic, amorphous, anarchic, bagging, ballooning, bellying,
   billowing, billowy, bloated, blobby, blurred, blurry, bosomy,
   bulbose, bulbous, bulging, bumped, bumpy, bunched, bunchy, chaotic,
   characterless, confused, dangling, disorderly, distended, drooping,
   droopy, easy, featureless, flapping, floppy, formless, fuzzy,
   hanging, hazy, hillocky, hummocky, inchoate, indecisive,
   indefinite, indeterminate, inform, kaleidoscopic, lax, limp, loose,
   lop, lop-eared, loppy, lumpen, misty, moutonnee, nodding,
   nondescript, obscure, orderless, pneumatic, potbellied, pouching,
   relaxed, rickety, rounded, sagging, sagging in folds, saggy, shaky,
   shapeless, slack, sloppy, streaming, swag, swelling, unclear,
   undefined, unordered, unorganized, vague, verrucated, verrucose,
   warty