All is not lost! That is a catelytic converter you mashed. If you have a "T" post, you can knock it right out. You'll clean out the reducer as a friendly causality, but you can replace it with a $4 one from JCWhitney. I've done it and it works fine.
2002 Bandit 1200/ GSXR cams/ 1277 BB Kit/ Holeshot header and can/ 38mm flatslides/ a good head/lotsa hp/lotsa tq- lots of rear tires...
