Increase the oven temperature to 400 degrees F, then set an oven-proof wire rack on the same baking sheet you used for the chicken (no need to wash it). Lightly coat the wire rack with cooking spray, then arrange the bacon in a single layer on top of the rack. Bake at 400 degrees for 10 to 12 minutes, until crisp. Remove to a plate lined with paper towels and pat dry.
Place rack in the center of the oven and preheat the oven to 350 degrees F. Line a large baking sheet with aluminum foil, then place the chicken breasts on the pan, skin side up. Drizzle liberally with olive oil, then sprinkle with salt and pepper. Place in the oven and roast for 35 to 40 minutes, until fully cooked and the center registers 165 degrees F. Remove to a plate until cool enough to handle. Remove the skin and cut into thick slices. Set aside.