Preheat the oven to 375 degrees F (190 degrees C). Cover a sheet pan with foil and place a baking rack on top. Place bacon strips on the rack, evenly spaced.
Bake in the preheated oven for 10 minutes. Turn bacon over and bake for 10 minutes more.
Meanwhile, for glaze, stir brown sugar, barbecue sauce, rice vinegar, black pepper, and garlic powder together in a small bowl.
Remove bacon from the oven, brush with glaze, and bake 7 minutes more.
Remove from the oven, turn bacon over, brush with glaze, and bake 7 minutes more. Remove from the oven, turn bacon over, and bake 10 minutes more.
Remove from the oven and flip bacon over.
Brush bacon with glaze, and bake for 10 minutes more. Remove and brush with glaze. Place pepper rings evenly on top of bacon strips; bake for 10 minutes more. Remove and brush with remaining glaze.
Place back in the oven and cook until bacon is fully rendered and browned, and pepper rings are tender, about 7 minutes more.
Transfer bacon to a piece of parchment paper and let cool completely before serving. Strips can be cut in half crosswise to serve.