Prepare bacon in skillet until cooked through and crispy. Drain on paper towels and when cool enough to handle, chop into small pieces.

Preheat grill and cook hot dogs until 160 degrees through. While dogs are grilling, slice shallot, and shred cheese.

To assemble, toast hot dog buns, top buns with mayo, hot dog, slather each dog with peanut butter, topping with shallots, cheese, and bacon. Serve immediately.