Set up grill for direct cooking over medium heat. Oil grate when ready to start cooking.
Cook bacon slices in a microwave oven for about 1 minute, or pan fry until the edges begin to curl but the bacon is still flexible. Drain well.
Wrap each frank in a slice of bacon, securing the ends with toothpicks; set aside.
Toss onion slices with olive oil. Grill bacon-wrapped franks and onion slices on hot oiled grill, for 4 to 5 minutes per side (16 to 20 minutes total). Turn onions everytime you turn franks.
Serve hot on toasted buns with lots of condiments.
INDOOR: Prepare dogs as directed. Preheat broiler. Place dogs on wire rack over foil-lined baking sheet or broiler pan. Place under broiler 4 to 6 inches from heat source and cook 3 to 4 minutes per side or until bacon is crispy.