Cook wild rice mix according to package directions, omitting seasoning packet; set aside.
Cook bacon in a Dutch oven until crisp; remove bacon and drain on paper towels, reserving 2 tablespoons drippings in Dutch oven.
Sauté mushrooms and onion in drippings until tender; stir in rice, bacon, half-and-half, and remaining ingredients. Cook over medium-low heat, stirring constantly, until soup is thoroughly heated and cheese melts.
Note: To lighten, decrease bacon to 1/4 pound, reserve 2 teaspoons drippings and use fat-free half-and-half, fat-free chicken broth, reduced fat cream of potato soup, and light cheese product.