Preheat oven to 425 degrees F. Cut a hole in the center of 4 of the bread slices using 1-1/2-inch cookie cutter or rim of a glass. Spread butter over one side of remaining bread slices. Place, butter side down, in 13x9-inch baking dish.
Top with half of the cheese, then bread slices with holes in the center. Break 1 egg into each hole. Sprinkle with remaining cheese and bacon.
Bake 10 minute or until cheese is melted and eggs are set.