In a saucepan, stir together the brown sugar, butter and water. Bring to a boil, then reduce heat to low, and simmer for 10 minutes, stirring frequently.
Pour the brown sugar mixture into a 9×13 inch baking dish, and tilt the dish to cover the entire bottom. Place peaches in a layer over the sugar coating, then top with slices of French bread. In a medium bowl, whisk together the eggs and vanilla. Slowly pour over the bread slices to coat evenly. Sprinkle cinnamon over the top. Cover and refrigerate for 8 hours or overnight.
Remove the dish from the refrigerator about 30 minutes before baking to come to room temperature. Preheat the oven to 350 degrees F (175 degrees C).
Bake for 25 to 30 minutes in the preheated oven, or until the bread is golden brown. Spoon out portions to serve.
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