Move oven rack to lowest position. Heat oven to 375°. Spray large cookie sheet with cooking spray. Cook sausage in 10-inch skillet over medium-high heat, stirring occasionally, until no longer pink; drain. Stir in pizza sauce and oregano; set aside.
Stir baking mix, cheese sauce and hot water until soft dough forms. Place on surface dusted with baking mix; roll in baking mix to coat. Shape into a ball; knead 5 times. Roll into 14-inch circle; place on cookie sheet.
Spread sausage mixture over dough to within 3 inches of edge. Fold edge over mixture. Top with bell pepper rings. Sprinkle cheese over sausage mixture. Bake 23 to 25 minutes or until crust is light golden brown and cheese is melted.