Roll or press biscuits to fit waffle iron. On 1 biscuit, place 1/4 cup cheese, 6 slices pepperoni and a scant tablespoon of 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 iron according to manufacturer's directions until golden brown, 4-5 minutes. Repeat with remaining ingredients. Serve with pizza sauce.