Step 1: Chop bacon and fry until crisp, or cook and crumble, whichever you prefer; drain on paper towels.
Step 2: Steam asparagus until tender-crisp.
Step 3: Whisk together eggs, milk, and seasonings until well-blended; set aside.
Step 4: Grease a 9x13-inch casserole dish and place slices of bread in a single layer on the bottom, trimming and filling in the gaps as necessary.
Step 5: Spread one cup of cheese over bread.
Step 6: Spread onion over cheese.
Step 7: Lay asparagus spears in a single layer over onion.
Step 8: Spread red bell pepper over asparagus.
Step 9: Spread diced or crumbled bacon over bell pepper.
Step 10: Place bread slices in another single layer over bacon, trimming and filling in the gaps as necessary.
Step 11: Whisk egg mixture again to make sure it is completely combined, and pour slowly over entire casserole, making sure to soak all of the bread on top well.
Step 12: Cover and refrigerate overnight, or at least eight hours.
Step 13: Preheat oven to 350F.
Step 14: Remove cover from dish, and bake for 50 minutes.
Step 15: Sprinkle remaining 1 cup cheese over entire top; bake an additional 10-15 minutes, until cheese is completely melted.
Step 16: Let stand about five minutes before cutting and serving.
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