Preheat oven to 375°. In a large skillet, cook bacon over medium heat until cooked but not crisp. Using a slotted spoon, remove to paper towels to drain. Separate biscuits; cut each biscuit into quarters.
In a large bowl, combine the cheese, dressing mix, oil and bacon. Place half of the biscuit pieces in a greased 10-in. fluted tube pan; sprinkle with half of the cheese mixture. Top with remaining biscuit pieces and cheese mixture.
Bake until golden brown, 25-30 minutes. Cool 5 minutes before inverting onto a serving plate. Serve immediately.