Welcome Nate.
All the aftermarket exhausts sit roughly in the same spot. There are options for heat shields that have proven to work well. Some folks use hose clamps to mount the stock heat shield, others use bent up license plates, still others have bought fancy aftermarket stuff. As long as you have roughly a 1" air gap your bag should survive. Aftermarket cans don't get nearly as hot as the stock pipe since they don't have the catalytic converter in them.