PREHEAT oven to 400° F. Spray 2-quart baking dish with nonstick cooking spray. Place bread cubes in a single layer on baking sheet. Bake for 10 minutes or until golden.
HEAT large skillet over medium-high heat; add sausage and bell pepper. Cook, stirring to crumble sausage, for 6 minutes or until sausage is cooked.
COMBINE evaporated milk, eggs and egg substitute in large bowl; whisk to combine. Stir in 1 cup cheese, sausage and green onions. Add bread cubes; toss to coat. Spoon mixture into prepared baking dish. Cover tightly and refrigerate overnight.
PREHEAT oven to 350° F. Remove cover from casserole dish.
BAKE for 45 to 50 minutes or until lightly browned and set. Sprinkle with remaining ¼ cup cheese right when it comes out of the oven. Serve with salsa and additional sliced green onions, if desired.