Slice bacon in small strips; using large skillet (dutch oven size) cook bacon until crisp; drain excess grease and add hamburger and season lightly with salt & pepper and half of the chili powder and continue to cook until browned. Add onion and bell peppers and continue to cook.
Add tomato sauce and 3/4 can of water and remaining chili powder; add hot sauce (about the neck of the bottle); bring back to a boil.
Using the empty sauce can measure out 4 cans of rice and stir into mixture until rice and sauce are mixed well. Remember the trick is getting the amount of rice to balance with the sauce. The rice still has to cook so it will absorb a lot of the moisture.
Remove from heat and cover with lid; let stand for 3-5 minutes and fluff with a fork and serve