Cook bacon in a large skillet over medium heat until crisp. Drain, reserving 1 tablespoon drippings in skillet. Crumble bacon, and set aside. Add carrots and next 3 ingredients to skillet. Bring to a boil. Cook over medium-high heat 30 to 35 minutes or until liquid is reduced to a glaze and carrots are tender. Sprinkle with thyme and reserved bacon.
Make Ahead: Peel and slice carrots up to a day ahead. Store in a zip-top plastic bag in refrigerator.