Adding 1/4-1/2 cup of water will also moderate the temps while the meat renders out some of the fat. The result: leaner, crisper bacon without burning.
That being said: baking still works better. Draining it on upside down wire racks with newsprint or paper towels underneath (in contact with the wire mesh) will also wick away excess grease.
Check out Alton Brown’s makin’ bacon episode from Good Eats and the Scrap Iron Chef.
His baked bacon method is pretty simple:
Place the strips of bacon onto a sheet pan fitted with a rack and place into a cold oven. Turn the oven to 400 degrees F and cook for about 12 to 15 minutes, depending on how crispy you like your bacon. Remove from rack and drain on paper towels. Enjoy.