Preheat oven to 375 degrees. Using a 9 x 13 casserole dish, spray bottom and sides with cooking spray.
Break 2-3 pieces of sandwich bread into small, two inch pieces. Place bread pieces at bottom of pan.
In a large mixing bowl, whisk eggs and milk together.
Add salt and pepper for seasoning if desired.
Pour egg mixture gently on top of bread pieces in casserole dish.
Add green and red peppers, sausage, bacon, and shredded cheeses evenly across the top of the egg mixture.
Bake at 375 degrees for 25-35 minutes, or until thoroughly cooked in the middle.
Once cooled, can be stored in refrigerator for up to two days in glass/plastic container or foil.