In large saucepan with cover over medium heat, cook bacon until crisp. Remove bacon from pan with slotted spoon; set aside. Drain grease into small bowl and let sediment settle to bottom.
Wipe out pan; reheat over medium heat; add ¼ cup of reserved bacon grease. Add popcorn kernels; pop according to package directions.
Toss popped corn with bacon and desired amount of popcorn seasoning. Serve immediately.