Heat oven to 350°F. Bake bread as directed on cans.
Meanwhile, in 12-inch nonstick ovenproof skillet, cook sausage over medium-high heat until no longer pink. Use slotted spoon to remove sausage from skillet. Drain all but 1 tablespoon drippings from skillet. Add bell peppers to skillet; cook over medium-high heat 3 to 5 minutes, stirring frequently, until tender. Remove skillet from heat. Reserve 2 tablespoons of the bell pepper. Return sausage to skillet with remaining bell pepper.
Cut 1 1/2 of the baked French loaves into 1/2-inch slices. Arrange slices in circular pattern on top of sausage mixture. (Reserve remaining bread for another use.)
In large bowl, beat eggs, milk and salt with whisk until well combined. Pour egg mixture on top of bread mixture in skillet. Press bread firmly so all bread is soaked in egg mixture. Cover with foil. Refrigerate at least 8 hours but no longer than 24 hours.
Remove from refrigerator and uncover 30 minutes before baking. Heat oven to 350°F.
Bake 40 to 45 minutes or until eggs are baked through and bread is slightly golden around edges. Sprinkle with reserved red pepper and the parsley.