In a large pot or Dutch oven, heat over medium heat, then add diced bacon. Cook bacon until crispy, about 6-8 minutes, stirring frequently to ensure even cooking. Once crispy, use a slotted spoon to remove the bacon, leaving the rendered fat in the pot for added flavor in your risotto.

With the pot still over medium-low heat, add sliced yellow onions to the remaining bacon fat. Cook the onions slowly for 30-40 minutes, stirring occasionally, until they are deeply golden brown and sweetly aromatic.

Next, introduce minced garlic and fresh thyme to the caramelized onions. Stir them in for about 2-3 minutes until the garlic becomes fragrant and slightly golden.

Add the arborio rice to the pot, stirring well to coat it in the flavorful mixture. Toast the rice for 2-3 minutes, allowing it to become slightly translucent.

Begin ladling in hot chicken or vegetable broth, one cup at a time, while stirring continuously. Wait for each cup to be fully absorbed before adding the next, taking about 20-25 minutes total.

Once the rice is creamy and cooked to perfection, stir in the reserved crispy bacon and grated Parmesan cheese. Add a knob of butter for extra richness and season with salt and pepper to taste.