In a small bowl, beat cream cheese and mayonnaise until smooth. Stir in the tomato, bacon, basil and pepper. Cover and refrigerate for 1 hour.
Cut a 1-1/2-in. thick slice off the top of bread; set aside. Carefully hollow out loaf, leaving a 1/2-in. shell. Cut removed bread into cubes. Fill bread shell with dip. Serve with bread cubes and crackers.