Add 12 ounces diced bacon to a large oven-safe pot and cook over medium-high heat until crisp, about 4-5 minutes. Remove to a paper towel-lined plate to drain. Reserve 2 tablespoons of the grease in a small dish and discard the rest.
Brown and crumble 1 pound ground beef in the same pot over medium-high heat until no pink remains, about 7-8 minutes. Drain the grease and reserve the meat with the bacon.
Add 14 ounces sliced smoked sausage to the pot and cook over medium heat for 2-3 minutes. Remove from the skillet and reserve with the bacon and beef. Drain any grease from the sausage.
Add the reserved bacon grease back to the pot, along with 1 cup diced sweet onion, 1 cup diced green bell pepper, and ½ cup diced red bell pepper. Cook over medium heat for 3-4 minutes until softened, then add the beef, bacon, and sausage back to the skillet.
Stir in 1 (28-ounce) can baked beans, 1 (15-ounce) can drained and rinsed dark red kidney beans, ⅔ cup barbecue sauce, ½ cup dark brown sugar, 2 tablespoons Worcestershire sauce, 2 tablespoons yellow mustard, 1 teaspoon garlic powder, ¼ teaspoon cayenne pepper, ½ teaspoon salt, and ¼ teaspoon ground black pepper.
Once heated through and combined, transfer the pot to the oven and bake for 40 minutes.
Notes
Leftover Instructions
Fridge: Store leftovers in an airtight container in the refrigerator for up to 5 days.
Freezer: Freeze in an airtight, freezer-safe container or bag for up to 3 months. Thaw completely before reheating.
Make Ahead: Prepare the beans up to 24 hours in advance and store covered in the refrigerator until ready to serve.
Reheat: Warm on the stovetop over medium heat, stirring occasionally to prevent burning, or microwave in 30–60 second intervals, stirring between, until heated through.