It's a longshot but there's a lot of baseball to be played yet. Hold the deficit for a couple of innings and see if the offense can yet make a game out of this one.
Here, check out this footage from an outing of his in 2013. Notice the velocity, the sharpness of the breaking ball. Completely different pitcher.
http://m.mlb.com/video/v29292377/?query=Latos+padres
He's already been injured and lost significant velocity at the time, it's bounced back some but he hasn't been the same pitcher since. It's not uncommon for pitchers to break down after having arm trouble.
It actually has though. His top end velocity used to be 96-97 which he could reach quite easily. There's a big difference between sitting 92-93 and reaching back when necessary to the current version of Latos who can't dial it up to 95. I'm sure the breaking stuff has also suffered.