Grease a 9 by 13-inch pan with nonstick spray. Cover bottom of pan with half the bread. Sprinkle 1 cup cheese and half of the pepperoni over the bread. Repeat second layer with bread, cheese, and pepperoni. In medium mixing bowl, combine eggs, milk, and Italian seasoning, Worcestershire sauce, salt, and dry mustard. Pour mixture over bread. Cover and let stand in refrigerator overnight.
Bake at 350 degrees, uncovered, for 1 hour or until eggs are set. Remove from oven. Spread pizza sauce over casserole. Sprinkle with black olives. Top with remaining cup of cheese. Return to oven to melt cheese. Serve immediately.