Heat a large stock pot over medium-high heat. Crumble the ground chuck and sausage into the hot pan, and cook until evenly browned. Drain off excess grease.
In a different pan, cook the bacon until crispy. Crumble and add to stock pot. Cook the chopped onion and pepper in the bacon drippings for about 5 minutes or until onions are translucent. Add to the stock pot.
To the stock pot, add in the diced tomatoes, tomato paste, and beef stock. Season with garlic, oregano, cumin, paprika, basil, garlic powder, onion powder, salt, pepper, and cayenne. Stir to blend, then cover and simmer over low heat for at least 2 hours, stirring occasionally.
After 2 hours, taste, and adjust salt, pepper, and other spices if necessary. The longer the chili simmers, the better it will taste.
Remove from heat and serve, or refrigerate, and serve the next day. Serve with onions and crumbled bacon or whatever chili toppings you prefer!