Preheat oven to 350 degrees F (175 degrees C). Move an oven rack to the center of the oven.
Place the bacon in a large skillet and cook over medium-high heat, turning occasionally, until evenly browned, about 10 minutes. Remove the bacon slices to a plate lined paper towels to drain, reserving the bacon fat in the skillet. Crumble the bacon once cooled.
Crumble sausage into the reserved bacon fat; cook and stir until the sausage is completely browned and no longer pink, 7 to 10 minutes. Drain sausage and set aside in a bowl. Return skillet to medium-high heat.
Heat olive oil in the skillet. Cook and stir onion, bell pepper, oregano, and sage in the hot oil until the onion is soft, about 5 minutes.
Combine tomato sauce, rice, water, bacon, sausage, and the onion mixture in a baking dish with a lid; season with salt and black pepper. Stir until evenly mixed. Cover dish with aluminum foil and the lid.
Bake in preheated oven until the rice is tender, about 1 hour. Let rest 10 minutes before serving.