Heat a large Dutch oven or heavy pot over medium heat. Cook the diced bacon until browned and crisp, then transfer it to a plate and leave about 1–2 tablespoons of rendered fat in the pot.

Add the ground beef and sausage to the pot. Cook, breaking the meat into small pieces, until no longer pink and thoroughly browned; work in batches if the pot is crowded, then drain excess fat if needed.

Add the diced onion and green bell peppers. Cook for 5–7 minutes, until softened, then add the minced garlic and cook for about 30 seconds.

Stir in the tomato paste, chili powder, cumin, smoked paprika, oregano, kosher salt, black pepper, and cayenne if using. Cook for 1 minute, stirring constantly, to toast the spices.

Pour in the crushed tomatoes, diced tomatoes, beef broth or beer, and Worcestershire sauce if using. Add the cooked bacon and stir thoroughly, scraping up any browned bits from the bottom.

Bring the chili to a gentle boil, then reduce the heat to low. Partially cover and simmer for 45–60 minutes, stirring occasionally.

Add the drained beans during the final 20–30 minutes of cooking. Continue simmering until the beans retain their shape and the chili is thick, glossy, and well blended.

Taste and adjust the salt, chili powder, cayenne, or broth as needed. Let the chili rest for 10–15 minutes before serving.