Roll or press biscuits into 6-in. circles. On one biscuit, place 1/4 cup cheese, six slices pepperoni and a scant tablespoon chopped bacon to within 1/2 in. of edges. Top with a second biscuit, folding bottom edge over top edge and pressing to seal completely.
Bake in a preheated waffle maker according to manufacturer's directions until golden brown, 4-5 minutes. Repeat with remaining ingredients. Serve with pizza sauce.