We study the channel output distribution induced by a rate-$R$ random code via statistical physics. The partition function is $Z_n(β|\mathcal{C}) = \sum_{y^n}[P_{Y^n|\mathcal{C}}(y^n)]^β$, where $\mathcal{C}$ is the code and $β> 0$ is inverse temperature. Our focus is on the free energy which is the normalized logarithm of this quantity, which encodes the full Rényi spectrum of the output distribution. The single-letter formula derived for the annealed free energy decomposes into two branches which reflect a ``competition'' between two populations of codewords. One is the \emph{bulk branch}, $ψ_{\mbox{\tiny b}}(β,R)$, which is driven by typical codewords and the other one is the \emph{sparse branch} $ψ_{\mbox{\tiny s}}(β,R)$, which is driven by a-typical codewords, where the qualifiers `typical' and `atypical' are in a sense to become apparent later. We analyze the phase structure of each branch separately and characterize their competition. Both branches are derived for all $β> 0$. The phase boundary $R^\star(β)$, where the two branches are equal, is analyzed for $β\geq 1$, where it has an explicit closed-form expression. The phase diagram in the first quadrant of the $(β, R)$ plane has four regions separated by three boundaries: $R = I^{\mbox{\tiny b}}(β)$ (bulk branch transition), $R = R^\star(β)$ (bulk--sparse competition boundary), and $R = I^{\mbox{\tiny s}}(β)$ (sparse branch transition), all meeting at the point $(β, R) = (1, I(X;Y))$, where $I(X;Y)$ is the mutual information induced by the input type and the channel. Applications to guesswork, channel resolvability, and hypothesis testing are discussed, and all results are illustrated with a numerical example of a Z-channel.