Thaw chili with beans in microwave at MEDIUM (50% power) 5 to 6 minutes; set aside.
Bring 3 1/2 cups water to a boil in a large saucepan over medium-high heat. Gradually stir in polenta. Reduce heat, and cook, stirring constantly, 3 minutes or until thickened. Stir in butter and next 5 ingredients.
Press half of mixture into a lightly greased 11- x 7-inch baking dish; top evenly with chili with beans, and spread with remaining polenta mixture.
Bake at 375° for 25 minutes. Sprinkle with Colby-Jack cheese, and bake 5 more minutes. Serve with desired toppings.
Note: For testing purposes only, we used STOUFFER'S Chili with Beans.