This sounds like a bizarre thing to do, but we're talking about less bacon shrinkage! Rinse your bacon before you cook it, and you'll have longer strips to enjoy.
This tip has been circling around for a while. Fran at the Franalan blog put it to the test and confirmed her bacon did not shrink. Several people at Thrify Fun, BabyCenter, and Art of Manliness report the same.
Also, cooking bacon in the oven definitely is a superior method, but if you want to cook it in a skillet, Cooking Light suggests you could also prevent some shrinkage by starting with a cold pan and flipping often.
Cooking Perfect Bacon [Franalan.com]