Heat oven to 350 degrees. In a skillet over medium heat, cook bacon 5 to 7 minutes, until crispy. Remove with a slotted spoon; set aside.
In a large bowl, whisk together eggs and milk. Stir in cooked bacon, cheese, scallions, salt and pepper. Stir in bread cubes, coating well with egg mixture. Set aside for 10 minutes, stirring every once in a while to coat with egg mixture.
Transfer bread-egg mixture to a 2-quart baking dish. Cover with foil. Bake at 350 degrees for 35 minutes. Remove foil and bake another 10 to 15 minutes, until browned and eggs are set (a knife inserted in bread pudding will come out clean). Allow bread pudding to cool 10 minutes before serving.