When a person pours hollandaise sauce or some other breakfast condiment all over another persons booty hole before eating it.
"Bro when I was managing a Mcdonalds I totally breakfast bageled a girl who worked for me in the back office nom nom nom!"
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When a group of businessmen get together under the guise of a "business breakfast" but in reality, they're actually just there to eat each other's booties like groceries.
"Hey man, you ready for the annual company bagel breakfast tomorrow?"
"Yeah man, I've been cleaning my bunghole nice and thoroughly just for the occasion."
When you wake up and eat the butthole of your lover or acquaintance
Woke up and had a Breakfast Bagel this morning before the big meeting.