Coat waffle iron with cooking spray, and preheat.
Combine milk and the next 5 ingredients (milk through eggs), stirring well with a whisk. Place bread in a 13 x 9-inch baking dish; pour milk mixture over bread, turning to coat. Let stand 5 minutes.
Place 4 bread slices on hot waffle iron. Cook 3 to 5 minutes or until done; repeat the procedure with the remaining bread.