Cook bacon in a skillet until almost crispy; drain on paper towels and crumble bite-size.
Whisk eggs, cream, salt, pepper, and paprika in a large bowl until smooth.
Spray a 9x13 inch dish with cooking spray; layer bread in bottom.
Sprinkle bacon, cheese, peppers, and onion evenly over bread.
Pour egg mixture over everything; press gently to soak bread.
Cover tightly with foil; refrigerate at least 8 hours or overnight.
Remove from refrigerator 30 minutes before baking; preheat oven to 375°F.
Bake covered 30 minutes; uncover and bake another 10 minutes until golden and puffed.