The second-order photon correlation function g((2))(tau) of photons emitted by a continuously pumped ensemble of N two-level systems coupled to a single-mode optical cavity well below the lasing threshold is investigated theoretically. A giant photon bunching is found for N > 1. The phenomenon of giant photon bunching is preserved even for N = 2 and can be explained by the cooperative evolution via dark and bright two-atom states resulting into emission of superradiant photon pairs. The sensitivity of g((2)) to microscopic dephasing processes and resonance frequency detuning opens the door for photon bunching spectroscopy.