Bring first 3 ingredients to a boil in a large saucepan over medium-high heat; gradually whisk in grits.
Return to a boil; reduce heat to low. Cook, covered, over low heat, stirring often, 20 minutes or until thickened. Stir in spreadable cheese, pepper, and Parmesan cheese.
Stir about one-fourth of grits mixture gradually into beaten eggs; add remaining grits mixture, stirring constantly. Pour into a lightly greased 13- x 9-inch baking dish.
Bake at 350º for 45 to 55 minutes or until golden brown and set. Remove from oven, and sprinkle with bacon and parsley.
Note: Casserole may be prepared and chilled up to 24 hours before baking. Let stand at room temperature 30 minutes. Bake as directed. Remove from oven, and sprinkle with bacon and parsley. For testing purposes only, we used Alouette Garlic and Herbs Gourmet Spreadable Cheese.