Preheat oven to 400°F (200°C). Place meatballs on parchment-lined baking sheet ; bake in oven 15 to 20 min., or until browned.
Meanwhile, combine jelly, barbecue sauce, maple syrup and cayenne pepper in large saucepan set over medium-high heat; bring to a boil then reduce heat to medium. Stir in meatballs. Cover, stirring occasionally, another 8 to 10 min. until meatballs are tender.