Any altercation that is taken seriously by one involved party and laughed at and dismissed by the other involved party/parties. Usually leads to loss of job.
Originates from a fight over whether throwing away bacon that landed on the floor was a waste or if it was still edible.
"Dude, did you hear so-and-so got fired?"
"Yeah he got into some heavy floor bacon with another co-worker earlier this week, it was all down hill from there"