A New Orleans classic – muffaletta is a sandwich made with a round loaf of bread and layered with deli meats and cheese, marinated olives and roasted bell peppers. Substitute a long Italian loaf, if desired.
Place bell peppers in large resealable plastic bag. Add 1/2 cup of the marinade; turn to coat well. Refrigerate 30 minutes or longer for extra flavor. Remove bell peppers from marinade, reserving marinade.
Broil 6 to 8 minutes or until bell peppers are tender, turning occasionally and brushing with reserved marinade. Cut into thin slices.
Preheat oven to 350°F. Mix olives and remaining 1/4 cup marinade in small bowl. Cut 1-inch slice off top of bread; reserve. Remove inside of bread, leaving 3/4-inch shell. Place 1/2 of the olive mixture in bread shell. Layer with meat, peppers, cheese and remaining olive mixture. Replace top of bread. Wrap in foil.
Bake 30 minutes or until cheese is melted. Remove from heat. Let stand 15 minutes before cutting into wedges.