Heat a large nonstick skillet over medium-high heat.

Fry the bacon until crisp, about 5 minutes.

Remove bacon and drain on paper towels; crumble when cool.

Melt butter in the hot pan with the bacon fat; set aside.

Cut a 2 1/2-inch circle from the center of each bread slice.

Brush both the bread slices and cutouts with the butter-bacon fat mixture.

Toast 2 bread slices and 2 cutouts in the skillet over medium heat until browned on one side, about 1 minute.

Crack an egg into each hole.

Sprinkle each toast with 1 tablespoon of Parmesan.

Cook for 2 minutes.

Flip and season with salt and pepper.

Cook 2 minutes for runny yolk or longer for set egg.

Repeat with remaining bread slices, cutouts, eggs, and Parmesan.

Transfer each egg-in-the-hole to a plate.

Sprinkle with crumbled bacon.

Serve with toasted cutouts for dipping.