Preheat oven to 350°F (175℃). Rinse rice and drain.
Fry the bacon in a large cast iron skillet (or Dutch oven) on medium heat until crisp, 7-8 minutes. Take the bacon out with a slotted spoon and drain it on a paper-towel-lined plate, reserving the drippings in the pan.
Add the sliced sausage and cook it for 3-4 minutes. Take it out of the pan and set aside.
Add the butter to the same skillet, and turn up the heat to medium-high until the butter melts. Then add the onion and stir until it softens (3-4 minutes). Add the garlic, thyme, bell pepper, paprika, black pepper, bouillon powder or salt, sugar, and Creole seasoning and cook, stirring constantly for about 3 minutes.
Add the rice, stir to coat it well in the oil, and cook for a couple of minutes.
Stir in the tomato sauce and paste. Cook for 1 more minute. Add in your chicken broth or water and stir.
Add bacon and sausage. At this point, you can cover the pot with a tight lid or foil (or transfer the rice mixture to a greased baking dish or casserole) and bake for 40-45 minutes, stirring every 20 minutes until the rice is tender.
Let it rest for 5-10 minutes for the flavors to meld and the rice grains to firm up.