Set your oven to 325 degrees F. In a skillet, cook the bacon until it is crisp, then place on a paper towel.
Sauté the onion in the reserved bacon fat until soft, about 5 minutes. Stir in the smoked paprika and cook for 30 seconds.
Combine the beans, bacon, onion, ketchup, brown sugar, mustard, Worcestershire sauce, pepper, and water in a baking dish. Then, stir the mixture until fully integrated.
Wrap with foil and cook for 45 minutes. After this, take off the foil and bake for an additional 15 minutes to thicken.
For make-ahead service, cover and refrigerate the baked beans overnight. Reheat them on the stovetop, in a 325°F-or-hotter oven, or in the microwave until they reach 165°F (74°C); transfer the already-hot beans to a preheated slow cooker on WARM only for holding.