Combine 2 cups squash and 2 1/2 cups water in a saucepan; bring to a boil. Reduce heat; simmer 5 minutes. Remove pan from heat; let stand 5 minutes. Place mixture in a food processor. Process until smooth. Return mixture to pan. Stir in broth; bring to a simmer. Reserve 1/4 cup squash mixture. Keep pan warm over low heat. Heat a large Dutch oven over medium-high heat. Coat pan with cooking spray. Add rice; cook 2 minutes, stirring constantly. Stir in remaining 1 cup squash, 2 1/2 cups squash mixture, and 1/8 teaspoon salt. Cook 2 minutes or until liquid is nearly absorbed, stirring constantly. Add remaining squash mixture, 1 cup at a time, stirring until each cup is absorbed before adding the next (about 20 minutes). Remove from heat; stir in reserved 1/4 cup squash mixture. Top with parsley and bacon.