Heat a large soup pot or dutch oven over medium heat. Add enough olive oil to lightly coat the pot. Add the bell peppers, onion, and jalapeno and saute until beginning to soften, about five minutes. Stir in the garlic and saute until fragrant, about 1 minute.
Add the Italian sausage and ground beef and break it up with a wooden spoon or metal spatula. Cook undistubred for a few minutes, then stir, continuing to cook for about 7-8 minutes, or until browned. Drain off any excess fat, then lightly sprinkle the mixture with salt, to taste.
Stir in the tomato sauce, diced tomatoes, Franks, chili powder, and cumin. Increase the heat to medium high and bring the mixture to a gentle boil.
Reduce heat to low then allow everything to simmer together for 5-10 minutes, stirring often. Taste. Add salt, pepper, or additional Franks red hot sauce for heat if desired.
Serve with toppings of your choice. We’re partial to some shredded cheese and a dollop of sour cream.