1. Position an oven rack in the middle setting. Place a jelly-roll pan on rack. Preheat oven to 400°.
2. Place bacon on heated pan, and cook until crisp (about 4 minutes); crumble. Cut a hole into the center of each toast using a 3-inch biscuit cutter or round cookie cutter. Reserve cutouts.
3. Arrange bread slices on hot pan; crack one egg into each hole. Sprinkle eggs evenly with crumbled bacon, cheese, and sage. Bake at 400° for 5 minutes or until egg whites are set. Sprinkle with pepper, and serve with toast cutout.