Preheat oven to 375°F. Line baking sheet with parchment paper for easy clean up.
Unroll both tubes of dough and separate each into 8 rectangles at the perforations.. On ungreased baking sheet, arrange rectangles in ring so short sides of rectangles form a 5-inch circle in center. The dough will overlap.
Arrange cooked bacon slices on each crescent tip, cut slices if needed to evenly cover. Sprinkle half of the cheese over bacon and half of the crescent dough closest to the center ring.
In a medium bowl, beat the eggs, salt, pepper, water and hot sauce until combined.
Melt butter in large skillet over medium-high heat. Pour the eggs into the skillet and stir, scraping the bottom of the pan until the eggs are just set.
Spoon cooked eggs onto the half of each crescent roll closest to the center ring. Sprinkle remaining cheese over the eggs.
Bring each dough rectangle up over filling, tucking dough under bottom layer of dough to secure it. Repeat around the ring until the entire filling is enclosed. Some egg and cheese may be showing between the dough pieces.
Place on center rack of oven and bake for 20 - 25 minutes, until dough is golden and thoroughly baked. Cool 5 minutes before cutting into serving slices.