Line a rimmed half-sheet pan with aluminum foil and set a wire rack inside it.

Pat the cocktail smokies dry with paper towels.

Cut each bacon slice into thirds.

Mix the light brown sugar with a pinch of cayenne pepper.

Wrap each smokie in a bacon piece, secure with a toothpick, and roll in the sugar mixture.

Arrange the wrapped smokies seam-side down on the rack.

Bake at 375°F on the middle rack, turning halfway, until the bacon is crisp and deep golden-brown and the sugar is glossy and caramelized.

Rest on the rack until the glaze firms up.

Whisk the barbecue sauce, Dijon mustard, and honey into a dip.

Move to a platter and serve warm.