Heat oil in a large nonstick skillet over medium-high heat. Add potatoes, season with salt and pepper, and saute until golden brown, about 10 minutes. Remove from the skillet.
Add bacon to the same skillet and cook over medium-high heat, turning occasionally, until evenly browned, about 10 minutes. Drain bacon slices on paper towels.
Preheat the oven to 350 degrees F (175 degrees C). Spray a 9x13-inch baking pan with nonstick spray.
Cut each biscuit into 4 pieces and spread evenly across the bottom of the prepared baking pan. Layer evenly with potatoes, then bacon, then 2 cups Cheddar cheese. Whip eggs and milk together in a bowl and pour evenly over the Cheddar cheese.
Bake in the preheated oven for 20 minutes. Sprinkle with remaining 3 cups Cheddar and return to the oven until a toothpick inserted into the center comes out clean, about 10 minutes.