Preheat oven to 400 degrees. Line a rimmed baking sheet with parchment paper. Lay bacon strips on sheet and bake in oven for 20 to 25 minutes or until crispy. Remove bacon to paper towel-lined plate to cool. Crumble 5 to 6 strips of bacon and leave the rest in strips.
Line an 9×13 (or larger!) rimmed baking sheet with parchment. In a heavy-bottomed pot (I love my Le Creuset), add sugar, water and corn syrup over medium-high heat. Let mixture bubble and stir occasionally, to evaporate water. Sugar will begin to caramelize and turn a lovely shade of amber.
Use a thermometer to monitor caramel. When it reaches 320 degrees and is golden brown in color, slowly whisk in cream, butter and vanilla, until completely combined. When caramel reaches 243 degrees, remove from heat and pour into lined baking sheet. Cool for 15 minutes, and add bacon strips. Cool further, until caramel is pliable and easier to handle.
Roll caramel and bacon strips jelly-roll style once, and trim off excess. Continue to roll and trim until you’ve finished off the pan. Cut the bacon caramel logs into bite-sized pieces. Top with reserved bacon bits.
Serve on a platter, or roll in wax paper. Keep refrigerated, but let come to room temperature before eating.