Place turkey bacon in a large skillet and cook over medium-high heat, turning occasionally, until evenly browned, about 5 minutes. Drain on paper towels.
Preheat oven to 350 degrees F (175 degrees C). Spray a fluted tube pan (such as Bundt®) with cooking spray, making sure to thoroughly coat the bottom and sides.
Open cans of biscuit dough and separate into individual biscuits. Cut each biscuit into 6 small pieces.
Beat eggs, milk, salt, and pepper together in a bowl.
Dunk biscuit pieces into the egg mixture and layer into the fluted tube pan. Top each layer with a sprinkle of turkey bacon and Cheddar cheese. Pour any remaining egg mixture over the dough. Spray the top generously with cooking spray.
Bake in the preheated oven until top is browned, about 40 minutes. Allow to cool until Cheddar cheese is set and the pan is easily handled, about 10 minutes. Invert onto a plate.