Preheat waffle iron according to the manufacturer's directions.
In a medium bowl, whisk together dry ingredients. In another bowl, beat together egg yolks, butter, vanilla and then add buttermilk.
Add the wet ingredients to the dry ingredients and stir in the chocolate chips until just combined. Allow to rest for 5 minutes.
In a third bowl beat egg whites until fluffy and they form soft peaks. Fold egg whites into the rest of the batter.
Spray top and bottom surfaces of waffle iron with cooking spray. Ladle recommended amount of batter onto the center of the waffle iron and evenly sprinkle a palm full of crumbled bacon over the batter. Close the iron and cook until both sides of the waffle are crispy and can easily be removed. Serve immediately or keep warm in a 200 degree F oven.