Preheat and Prep: Preheat your oven to 375°F (190°C).
Set Up the Tray: Line a large rimmed baking sheet with parchment paper to catch the drippings. Place a grated metal baking rack (wire cooling rack) directly on top of the parchment-lined sheet.
Arrange: Lay the bacon strips across the wire rack in a single layer. It is fine if the edges touch slightly as they will shrink during cooking, but do not overlap them.
Bake: Place the baking sheet on the center rack of the oven.
For Chewy/Standard Bacon: Bake for 20 minutes.
For Extra Crispy Bacon: Bake for 30 minutes, checking at the 25-minute mark to ensure the thinner ends aren't over-browning.
Harvest the Fat: Carefully remove the pan from the oven. Using tongs, transfer the bacon strips to a plate. While the fat on the parchment paper is still liquid and warm, carefully lift the parchment (or tilt the pan) to pour the rendered fat into a glass jar or heat-safe container.
Cool and Serve: Let the bacon sit for 2 minutes on the rack; it will continue to crisp up as it cools slightly.
Storage: Store cooked bacon in a sealed container or zip-top bag in the refrigerator for up to 7 days.
Pro Tip: Keep your jar of rendered bacon fat in the fridge. It is a superior, flavorful fat for searing steaks, frying eggs, or sautéing other proteins.