Heat oven to 300 degrees F.
Place 2-quart casserole in oven to warm. Meanwhile, cook bacon in large skillet on medium heat until crisp. Remove bacon from skillet, reserving 1 T drippings in skillet. Drain bacon on paper towels.
Add onions to drippings in skillet; cook and stir 3 min. Add mushrooms; cook 10 minutes or until mushrooms release most of their liquid, stirring occasionally. Add rice; cook and stir 1 min. Stir in broth, thyme and pepper; bring just to simmer. Remove from heat. Crumble bacon, stir into rice mixture. Spoo into warmed casserole, cover.
Bake 30-35 minutes or until rice is tender and most of the liquid is absorbed. Add cheese, stir until melted.
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