In a large mixing bowl, combine all ingredients except bacon and cheese. Line a rimmed baking pan with foil and spray with nonstick spray.
Form half of the meat mixture into a 9"x5" rectangle.
Cut Velveeta into slices and place on top of meat mixture. Top with remaining meat mixture ensuring cheese is fully sealed. (A little bit may still leak out during baking).
Lay slices of bacon on top of the meat mixture (it will cook while the meatloaf does)
Bake uncovered at 350 degrees for 55-65 minutes, or until cooked through. 15 minutes before removing from the oven, brush top with ketchup mixture.