In a Dutch oven or large pot, brown the sausage and ground beef. Remove from the pot once browned.
After removing the ground beef and sausage, drain the excess fat then add in the bacon. Cook the bacon and remove once fully cooked and leave the bacon fat in the bottom.
Now, add in the diced onion, red bell pepper and garlic. Cook until soft and the onions have changed color.
Toss in the beans and diced tomato then add back in the cooked ground beef and sausage.
Pour the beef broth in and lower the heat to low. Add in the seasonings and herbs including the bouillon cubes and Worcestershire sauce.
Cook the chili on low for an hour covered.
When finished, add in the Velveeta cheese. Once the cheese has melted into the chili stir in the cooked bacon to finish. Or save the bacon to top the chili for a crunchy texture.