Cook bacon in a large Dutch oven over medium-high heat 4 to 5 minutes or until crisp; remove bacon, and drain on paper towels, reserving 2 Tbsp. drippings in Dutch oven. Crumble bacon.
Sauté ham and onion in hot drippings 10 minutes or until tender.
Add beans, next 6 ingredients, and 8 cups water. Bring to a boil over medium-high heat. Cover, reduce heat to medium-low, and simmer, stirring occasionally, 1 hour. Stir in collards; cook 10 minutes or until tender. Serve with crumbled bacon and hot sauce.