The report is actually out now. Brief conclusions:
Processed meat (which would include bacon) is listed as Group 1 - confirmed human carcinogen. They estimate that eating 50 g processed meat each day would increase your risk of colorectal cancer by 18%. That's a fair amount of processed meat and the risk to any individual is still relatively low, but on a global population basis this results in about 34,000 deaths/year (compared to about 1 million for tobacco).
Red meat at this time is considered to have limited evidence of carcinogenicity in humans, though there's a lot of underlying science suggesting it's very plausible (i.e. there are known mechanisms by which red meat is expected to cause cancer if a lot is eaten).
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