Preheat the oven to 325 and line a baking sheet with aluminum foil.
Combine the ground beef, ground pork, onion, garlic, breadcrumbs, milk, ketchup, Worcestershire sauce, egg, salt, pepper, thyme, and smoked paprika in a large mixing bowl. Mix thoroughly until all ingredients are well combined.
Shape the meat mixture into a loaf and place it on the prepared baking sheet or in a loaf pan.
Lay the bacon slices over the top of the meatloaf, tucking the ends underneath to wrap the loaf completely. You can slightly overlap the bacon slices to cover the entire surface.
Brush the top of the meatloaf with the bbq sauce.
Bake the meatloaf in the preheated oven for 1 hour and 30 minutes, or until the internal temperature reaches 160°F and the bacon is crispy.
Brush the top of the meatloaf with barbecue sauce again during the last 10 minutes of baking to get a glazed finish.
Remove the meatloaf from the oven and let it rest for 10 minutes before slicing and serving.