Warm a large stockpot over medium-high heat. Break up the ground beef and sausage into the pot and cook until browned all over. Pour off any surplus fat.
Cook the bacon in a separate skillet till it crisps up, then crumble it and add it to the stockpot. In the leftover bacon drippings, sauté the chopped onion and diced red bell pepper for about 5 minutes until the onions soften. Add this mixture into the pot.
Add diced tomatoes with their juices, tomato paste, and beef stock to the pot. Sprinkle in garlic, oregano, cumin, paprika, dried basil, garlic powder, onion powder, salt, black pepper, and cayenne. Stir well to combine everything, then cover the pot and let it simmer on low heat for at least 2 hours, stirring occasionally.
After the simmering time, sample your chili and tweak the seasonings if needed. The flavor improves the longer it cooks.
Switch off the heat and dish out immediately, or cool and refrigerate to serve later. Top with extra bacon or onions if you like for more flavor.