I'm leaning toward a dragging caliper because I'm getting a pretty good burned material smell (brake pads?) and the brakes are a little spongy at times but it heats up so badly that the whole wheel gets sizzling hot. Would a caliper cause that much heat? If the wheel bearing was going bad would it cause this issue? The only time I've had a bearing go bad the symptom was it was making quite a bit of noise.