A bonus advantage of cooking bacon in the oven on a rack is that the bacon grease drips down and is super easy to reserve.
To save the bacon grease: Simply tilt the pan over a container, so that the bacon grease collects at the corner and drips down into the container. Make sure to do this while the pan is still hot, so that the bacon grease doesn’t solidify. Just use an oven mit to hold the pan.
How to store the bacon grease: You can store the bacon grease on the counter, but I prefer the fridge to be safe. It will solidify as it cools.
What to do with the grease: You can use bacon grease in most savory applications in place of butter or oil. My favorite ways include frying eggs or stir fry vegetables! (Both also happen to be delicious with your crispy oven baked bacon added to them, too.)