Preheat your grill to 400 degrees.
In a small bowl, combine the paprika, black pepper, garlic powder, salt, and chili powder. Mix well.
Pat dry your pork loin with paper towels. Sprinkle with half the seasoning blend. Lay the bacon strips over the pork, tucking them under the bottom. You can secure it with toothpicks if you like, but they must be removed prior to serving. Top with your seasoning blend and oil.
Place the loin on the grill over indirect heat. Close the lid and cook undisturbed for 30 minutes.
Open the lid and check the pork. It should feel firm to the touch but not quite cooked through. Flip very carefully so as to not disturb the bacon.
Move the loin over to direct heat. Sear on all sides to get nice grill marks, being careful to not let the bacon slide off.
Once fully cooked and browned, remove the meat to a plate.
Allow to rest at least 15 minutes before slicing.
Serve with sides of your choice.