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In a large skillet, cook bacon until crisp. Transfer to a paper towel-lined plate to drain, reserving 2 tablespoons drippings in the pan. Crumble bacon; set aside. Add onion to pan; cover and cook over medium-low heat for 15 minutes, stirring occasionally. Uncover and cook over medium heat until caramelized, about 5 minutes. Meanwhile, cook broccoli in a small amount of lightly salted water for 3 minutes; drain.
Combine eggs, milk, basil, salt and pepper in a large bowl. Stir in bread cubes, broccoli, caramelized onion, cheese and crumbled bacon. Transfer to a 2-quart baking dish. Cover and chill for 2 hours.
Preheat oven to 325°F. Bake casserole, covered, for 20 minutes. Uncover and bake 20 to 30 minutes more or until a knife inserted near center comes out clean. Let stand 10 minutes before serving.