Preheat your oven to 400°F. Line a baking sheet with aluminum foil and place a wire rack on top.
In a large bowl, combine the olive oil, garlic powder, onion powder, smoked paprika, salt, black pepper, and cayenne pepper. Add the chicken pieces and toss until they are well coated in the spice mixture.
Arrange the chicken pieces skin-side up on the wire rack. Bake in the preheated oven for 30 minutes.
Remove the chicken from the oven and brush a generous amount of barbecue sauce over each piece. Return the chicken to the oven and bake for an additional 15-20 minutes, or until the internal temperature reaches 165°F and the skin is crispy.
For extra caramelization, broil the chicken on high for 2-3 minutes at the end, watching closely to prevent burning.
Let the chicken rest for 5 minutes before serving. Serve with additional barbecue sauce on the side.