Man first fall and that thing will be trashed, better be careful. Can't you fit it in the bag with some protection like a sleeping bag and tent packed around it to lessen any blows?
Im thinking of standing mine on end in the grabit & running a piece of 550 cord through the cables or rods & tie it off to the bungy cord on my pack. The grabit wouldn't be too tight, just tight enough to keep it from swinging side to side. Knowwutimean?