Sealed package submerged in water in the fridge, still safe to eat?
I know the mantra here is "when in doubt, throw it out", and we know you are in doubt, otherwise you wouldn't be asking the question...but, nevertheless:

The speculation, "something in water may not get as cold as if it wasn't" isn't true. Something in cold water will come to the same temperature as the water, just like it does in cold air, and probably faster than in air.

I don't quite get how that water got into the bottom drawer of your fridge, but if the water was at refrigerator temperature when it came into contact with the bacon and hot dog packages, and if they truly are sealed so that the meat isn't touching the water directly, then they shouldn't be harmed by having the outside of their packaging touched by cold water.