Heat oven to 350°F. Place cereal in resealable food-storage plastic bag; seal bag and finely crush with rolling pin or meat mallet (or finely crush in food processor).
In large bowl, stir together cereal and 1 cup salsa (mixture will be thick). Let stand 5 minutes.
Add eggs, chili powder, cumin, salt and pepper to cereal mixture; stir until blended. Add ground beef; stir until well mixed. Press evenly in ungreased 9x5-inch glass loaf dish.
Bake uncovered 1 hour 5 minutes to 1 hour 15 minutes or until meat thermometer inserted in center of loaf reads 160°F. Cover; let stand 5 to 10 minutes. Drain and discard liquid before slicing. Serve with 1/2 cup salsa.