I guess I'll be the bearer of bad news. I'm sorry but the frame is toast. The bulge is a clear indication of a front end collision, and it creates a weak spot precisely in the most stressed part of the bike frame.

You could certainly ride it around town for beer runs and whatever, but it's days as a race bike flying down bumpy mountain roads are over. It's a safety hazard. If you do keep it, inspect it before every ride.