No, not a prolapsed penis..He will be fine.Sorry about your drake
That's not a normal thing that happens though, that's a penile prolapse. If only the tip was exposed and died it will fall off and he may still have enough of his penis left to breed again. But if too much falls off he'll be infertile. None of what falls off will grow bad, sadly. That's why if a prolapse occurs it's important to try to fix it ASAP. As they get older and more infirm, it definitely is more likely to happen than it is to happen to younger drakes, but it can happen to young ones too. If it all possible you want to get the prolapse fixed before the tissue dies off.