In a large frypan, cook the bacon until crisp; set aside to a plate and crumble.
To the bacon drippings add ground beef, with rice, onion, garlic and green pepper (if using) in the bacon drippings until beef is no longer pink; drain the fat/drippings.
Add in the cooked bacon, Parmesan cheese (if using) seasoning salt and pepper to taste, paprika, stuffed olives, tomato juice and boiling water (do not add in the grated cheddar cheese); mix to combine well.
Set oven to 300 degrees.
Transfer the mixture to a prepared dish.
Cover tightly, and bake for 1 hour.
Uncover, sprinkle with grated cheddar cheese, and continue baking for another 10-15 minutes, or until cheese has melted, and the rice is done to desired tenderness.