Combine first 3 ingredients in a small saucepan. Cook over medium heat 5 minutes or until mixture is bubbly, stirring constantly. Pour mixture evenly into a 13 x 9-inch baking dish coated with cooking spray.
Arrange bread slices in a single layer over syrup in dish.
Combine milk and next 4 ingredients (through eggs) in a large bowl, stirring with a whisk. Pour egg mixture over bread slices. Cover and refrigerate for 8 hours or overnight.
Preheat oven to 350°.
Combine 2 tablespoons granulated sugar and cinnamon. Sprinkle evenly over bread.
Bake at 350° for 50 minutes or until golden. Let stand for 5 minutes before serving.