Cook bacon in a skillet until almost crispy, then drain on paper towels and crumble into bite-sized pieces.
In a large bowl, whisk together eggs, heavy cream, salt, pepper, and paprika until smooth.
Spray a 9x13 inch baking dish with cooking spray and layer the bread cubes on the bottom.
Sprinkle the crumbled bacon, cheese, bell peppers, and onion evenly over the bread.
Pour the egg mixture over everything, pressing down gently to ensure bread is soaked.
Cover tightly with aluminum foil and refrigerate for at least 8 hours or overnight.
Remove from refrigerator 30 minutes before baking and preheat oven to 375°F.
Bake covered for 30 minutes, then remove foil and bake an additional 10 minutes until golden and puffed.