Pawg is an acronym used in pornography that means Phat Ass White Girl. Pawg is used to indicate white women who have particularly large and rounded buttocks. While pawg uses the term "phat", it doesn't necessarily imply that the butt is fat, rather it is simply large. The term pawg uses the slang word "phat" in place of the word "fat", which in turn is a slang term that was figuratively used to mean cool. In this case, phat is used to indicate fat buttocks with a positive connotation.
In pornography, pawg is often a category that is used and contains intercourse between a woman, defined as a pawg, and a black male.
The correct pronunciation of pawg is pawg.
Pawg is simply pronounced as it phonetically appears. This means that the word "paw", as in the paw of an animal, is pronounced. Following the word "paw", a hard "g" is pronounced. the hard "g" at the end of pawg is pronounced like the "g" that is pronounced at the beginning of the word "game".