Other suggested codenames include Noguera, Bonnet, Sagan, Mt. Orne, Legation, Iao, Dreadlock, Barona, and Rasputin.
The suggested codename for Fedora 16 should be linked somehow to Lovelock. Fedora 15 is codenamed Lovelock.
Why mention bacon again? It's been brought up as a suggested codename for each Fedora release since Fedora 11, except for Fedora 12 where it wasn't proposed. Fedora users must really love this fatty cut of meat. Worth mentioning though is that even with Fedora 11, the bacon codename was rejected on the basis of a company out there being named "Bacon Software" and other naming collisions.
How is bacon linked to Lovelock? "Lovelock is a place where mummies were found and mummies love bacon" and that there are "delicious theme possibilities." (Should Bacon make it this time as the Fedora 16 codename, I propose Ubuntu 13.10 be named the Stupendous Schweinshaxe or Ubuntu 15.10 be the Wonderful Weißwurst. ;-))
Serious suggestions for the Fedora 16 codename can be made through 10 March on the Fedora Wiki while community name voting will take place near the end of March. The Fedora 16 name should be officially announced on 30 March.