1. Cook bacon in a large saucepan over medium heat until crisp. Remove from pan; crumble. Add onion and next 3 ingredients to pan; cook 7 minutes or until tender. Add water and next 4 ingredients. Bring to a boil; cover, reduce heat, and simmer 1 hour or until peas are very tender.
2. Place half of soup in a blender; process until smooth. Repeat procedure with remaining soup. Ladle soup into individual bowls; sprinkle evenly with bacon.