Prepare rice according to package directions.
Meanwhile, in large saucepan, heat oil over medium-high heat. Add sausage, onions and peppers; salt and pepper to taste. Sauté until onions are softened (about 3-5 minutes).
Stir in undrained tomatoes, garlic powder, thyme and cayenne pepper. Stir in cooked rice; bring to a simmer. Simmer until thickened (about 3-5 minutes).