Adjust oven rack to lower-middle position and heat oven to 325 degrees.

Fry bacon in large, deep sauté pan skillet until bacon has partially cooked and released about 1/4 cup drippings.

Remove bacon from pan and drain on paper towels.

Add onions and peppers to drippings in pan and sauté until tender, about 5 minutes.

Add beans and remaining ingredients bring to a simmer. (If skillet is not large enough, add beans and heat to a simmer then transfer to a large bowl and stir in remaining ingredients).

Pour flavored beans into a greased 13-by 9-inch (or similar size) ovenproof pan. Top with bacon, then bake until beans are bubbly and sauce is the consistency of pancake syrup, about 2 hours.

Let stand to thicken slightly and serve.