Preheat the oven to 400°F (204°C). Adjust the oven rack to the middle position. Line a large rimmed baking sheet with aluminum foil and place a wire rack on the baking sheet. Slick the wire rack with butter.
In a small bowl, combine the butter, brown sugar, and cayenne, using a fork to mash it all together until thoroughly blended and smooth.
Arrange the bacon slices on top of the wire rack in a single layer so the slices don’t overlap. Divide the butter and sugar mixture evenly among the slices of bacon. Spread the mixture evenly over the slices, trying to evenly cover as much of the bacon as possible.
Bake until the bacon is crisp around the edges and the sugar mixture is caramelized and bubbly, 20 to 40 minutes. You want to remove it from the oven a little before it’s as crunchy as you like since the bacon will crisp as it cools.
Remove the baking sheet from the oven and let the bacon cool slightly and then transfer the strips to a plate. Resist the temptation to snitch some and let it completely cool, about 20 minutes.
The sweet and spicy bacon is best demolished after it's cool but on the same day it’s made.