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Lightly coat a 3-quart rectangular baking dish with cooking spray; set aside. In a medium bowl combine bacon, asparagus, and red peppers.
Place half of the bread cubes in the prepared baking dish. Top with half of the bacon mixture and half of the cheese. Repeat layers with remaining bread cubes, bacon mixture, and cheese.
In a large bowl, beat eggs with a rotary beater or whisk. Beat or whisk in milk, mustard, salt, and cayenne pepper. Carefully pour egg mixture evenly over bread mixture in dish. Using the back of a spoon, gently press down on layers to moisten all of the bread. Cover dish with plastic wrap and chill at least 2 to 24 hours.
Preheat oven to 325°F. Bake, uncovered, for 50 to 60 minutes or until puffed, golden, and set. Let stand for 10 minutes before serving.