Microwave caramels and 2% milk in microwaveable bowl on HIGH 1-1/2 to 2 min. or until caramels are completely melted and mixture is well blended, stirring every 30 sec.
Line 13x9-inch pan with foil, with ends of foil extending over sides. Press cookie dough onto bottom of prepared pan. Pour condensed milk over dough. Top with layers of chocolate, nuts, coconut and bacon; drizzle with caramel sauce.
Bake 25 min. or until lightly browned. Cool completely. Use foil handles to lift dessert from pan before cutting into bars.