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Put the bacon in a container so it lays flat. Pour over the cola to cover. Refrigerate and let soak 2 to 3 hours.
Preheat the oven to 350 degrees F. Line a rimmed baking sheet with foil, place a cooling rack over top and spray with cooking spray.
Drain the bacon from the cola, place on the cooling rack and pat dry. Combine the brown sugar, paprika and black pepper in a bowl and toss to combine and loosen up the brown sugar. Sprinkle the brown sugar mixture on both sides of the bacon, pressing and patting so it adheres. Place the slices on the cooling rack; they can be close to one another but shouldn’t touch.
Bake until the bacon is deeply caramelized but still pliable (it will crisp as it cools), about 20 minutes. Flip the bacon occasionally as it cools to crisp on both sides. Let cool completely.
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