Preheat your oven to 375 degrees F.
Line a large baking sheet with foil. Place a wire rack on top and lightly spray it with cooking spray. I usually just use my metal cooling racks for this.
Lay the bacon across the wire rack, making sure the slices do not overlap.
In a small bowl, mix together the brown sugar, water, and cayenne pepper if you are using it.
Brush the brown sugar mixture over the bacon, making sure each slice gets a good coating.
Bake for 20 to 25 minutes, or until the bacon is browned and caramelized to your liking.
Carefully remove the bacon from the rack and place it on a paper towel lined plate to cool.
Let it cool for a few minutes before serving. And try not to eat half of it while you are waiting.