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Line 13x9-inch pan with foil, with ends of foil extending over sides of pan.
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Spray foil with cooking spray; set aside.
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Mix sugar, corn syrup and peanut butter in large microwaveable bowl.
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Microwave on high for two minutes or just until mixture boils, stirring every minute.
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Combine cereal and bacon.
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Add to corn syrup mixture; mix until well blended.
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Press cereal mixture firmly into prepared pan.
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Cool.
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Lift bars from pan, using foil handles. Remove foil.
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Cut into 32 bars to serve.