Cook the Bacon:
Heat a large skillet over medium heat. Add the diced bacon and cook until crispy, about 10 minutes. Remove the bacon using a slotted spoon, leaving about 2 tablespoons of bacon fat in the skillet.
Sauté the Onion:
Add the finely chopped onion to the skillet. Cook until softened and translucent, about 5 minutes, stirring occasionally to prevent burning.

Add Garlic:
Stir in the minced garlic and cook for an additional minute until fragrant, making sure not to brown the garlic.

Create the Sauce:
Pour in the brown sugar, maple syrup, balsamic vinegar, and bourbon. Stir to combine, then bring the mixture to a simmer over medium heat.

Combine and Season:
Return the cooked bacon to the skillet. Mix it into the sauce, then add the smoked paprika and cayenne pepper. Season with salt and pepper to taste.

Simmer and Thicken:
Reduce the heat to low and let the mixture simmer for 30-40 minutes, stirring occasionally. Cook until the mixture thickens and achieves a jam-like consistency.

Cool and Store:
Remove the jam from the heat and let it cool slightly. Transfer the jam to a jar or airtight container and store it in the refrigerator for up to two weeks.