Cook bacon until crisp. Drain drippings and save. Drain bacon on paper towel. Add onion to bacon fat in saucepan. Cook 3 min. until onion begins to brown. Add mustard, pepper, and broth. Bring to a boil, then reduce heat to low.
Whisk in flour, add half-n-half, and paprika, stir in cheese until melted. Crumble with reserved bacon when serving.
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