Line 13×9-inch pan with foil, with ends of foil extending over sides of pan. Spray foil with cooking spray; set aside. Mix sugar, corn syrup and peanut butter in large microwaveable bowl. Microwave on high 2 min. or just until mixture boils, stirring every minute.
Combine cereal and bacon. Add to corn syrup mixture; mix until well blended.
Press cereal mixture firmly into prepared pan. Cool. Lift bars from pan, using foil handles. Remove foil. Cut into 32 bars to serve.