Preheat oven to 400 F.
Line two large baking sheet pans with aluminum foil.
Place the bacon on the foil, but do not overlap the pieces.
Bake for 5 minutes, flip, and bake another 5 minutes. You aren't trying to cook the bacon through, just partially cook it so it will get crispy on the grill.
Remove bacon to paper towel-lined plates. Let pans cool and either reserve the bacon grease for another use, or simply roll the foil into balls and toss away. No mess, no fuss.
Make the sauce by placing the honey in a small saucepan over medium heat.
Add a tablespoon of water and stir. If the mixture is too thick, add more water, a little at a time.
Once warm, add hot sauce to the mixture and heat through.
Fire up your grill for indirect cooking.
Wrap a piece of bacon around each meatball and secure with a toothpick.
Place meatballs over indirect heat and cook for 5-10 minutes or until the bacon starts to crisp, rotating once.
Brush sauce over each meatball and cook another 2 minutes.
Rotate and brush with sauce again. Cook another 2 minutes and remove from grill.
Serve with remaining sauce for dipping.