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Combine first 3 ingredients in a small saucepan. Cook over medium heat 5 minutes or until mixture is bubbly, stirring constantly. Pour mixture evenly into a 13 x 9-inch baking dish coated with cooking spray.
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Arrange bread slices in a single layer over syrup in dish.
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Combine milk and next 4 ingredients (through eggs) in a large bowl, stirring with a whisk. Pour egg mixture over bread slices. Cover and refrigerate for 8 hours or overnight.
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Preheat oven to 350°.
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Combine granulated sugar and cinnamon. Sprinkle evenly over bread.
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Bake at 350° for 50 minutes or until golden. (Took me 15 minutes longer because egg mixture wasn't set.) Let stand for 5 minutes before serving.