Bagels keep deflating in the fridge

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I am really having a hard time with storing bagel dough overnight. After bulk fermentation, I lightly knead it. I then shape the bagels and stick them in the fridge until the following morning. They continue to rise and just completely deflate when it is time to boil. It even forms a crust on the outer shell of the dough. 

I have also tried to lightly knead the dough a few times while in the fridge, and then shape it. But it is so hard to shape the dough when it is cold. Any suggestions?

Here are the quanties:

Salt (1.5 teaspoons) Sugar (1.5 Tablespoons) Water (1.5 cups) Dry Active Yeast (2 teaspoons) Flour (3.5 cups)

Sounds like the bagels are over fermenting so...  reduce the yeast (if we knew the recipe it might be easier to say how much)  to reduce the rate of fermentation.   If you experiment, start out with only half or one third of the required yeast in the recipe.  If using a stronger yeast than the recipe, you may need to change yeast type.

That you are using too much yeast as well. I generally use about 2.5 to 2.75 grams of yeast for my bagel recipe. Which is about 3/4 tsp of yeast. if you are using 2 tsp, that's roughly 7 grams. A difference of 4.5 grams when we are talking yeast and overnight retardation for the dough seems like that would be your culprit.

So I tried cutting there yeast in half. The bagels looked so sad in the morning. They didn't have any hold to them. So I reshaped them and then boiled them, at which point they sank straight to the bottom of the pot. 

What's the dough and room temp during the bulk???

Try using less yeast meanwhile.

After reshaping did they rise any?  Cut one open to look at fine bubble formation.  

Something basic here is missing...  if it isn't too much trouble, can you give us the whole description with every detail including times, flour type and brand,