AE and Mr. Sensitive described it best. I can attest to the fact that the constriction before the pop is felt on all sides of my cock, not just the top.
If the women paying attention to this thread can do me a HUGE favor, let's try this experiment; Have your guy's cock go all the way in, and then retract for an inch. Once he does that, squeeze the hardest kegel you can squeeze aroung his cock, and then tell him to slide in that last inch.
I have a theory that the last set of muscles prior to the very deepest region is being flexed involuntarily and the penis forcing it open is sending something of a feedback loop. The deep vaginal muscles are clamped shut, the cock comes in tries to pry it open but the canal stretches back, tries to pry it open the canal stretches back, tries to pry it open --then-- *pop*, it opens up the space, the deep muscles grasps the cock in a tight embrace around the shaft as the head further penetrates deeper.
The inner muscle now having been pried open sends a signal to your brain that something's been worked free inside and new sensations from deeper inside start registering. Maybe this is why the shorter of us (~7") that can reach it, but have to work at it have that pop where the behemoths like petite's BF and subgirrl's FB don't register that pop is because they've pried it open on the first thrust deep inside?