Heat a large stockpot over medium-high heat. Add ground beef and sausage, cook until browned, then drain excess fat.
Cook bacon until crispy, crumble, and add to the pot. Sauté onion and pepper in bacon drippings for about 5 minutes until translucent, then add to the pot.
Pour in diced tomatoes, tomato paste, and beef stock. Season with garlic, oregano, cumin, paprika, basil, garlic powder, onion powder, salt, pepper, and cayenne. Mix well, cover, and simmer on low for at least 2 hours, stirring occasionally.
Taste and adjust seasonings as needed after simmering. The longer it cooks, the more flavorful it becomes.
Remove from heat and serve hot, or refrigerate overnight for enhanced flavor. Top with onions, crumbled bacon, or your favorite chili toppings!
Notes
Feel free to adjust seasonings and toppings to your preference. This chili is perfect for meal prep and freezing.