Cook bacon in a large pot over medium heat until crispy, about 10 minutes. Transfer to paper towels and set aside.
Season chicken with salt and pepper. Add to pot in batches; cook over medium-high heat, flipping, until brown, about 7 minutes per batch. Set aside.
Add onions, mushrooms, carrots and thyme to pot; cook over medium-high heat, until browned, about 5 minutes. Add broth and wine, bring to a boil, then simmer for 3 minutes. Return chicken to pot. Boil, then simmer for 20 minutes.
In a bowl, whisk flour with 1 cup of hot liquid from pot until smooth. Whisk into pot; simmer over medium heat until thickened, about 10 minutes. Season with salt and pepper; top with crumbled bacon.
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This stew has good flavor, but I also put in the whole 3.4 oz. pkg. of fresh thyme so don't know what difference that might have made. Next time I will skin the chicken as the crustiness really didn't last once the chicken is simmered with the stew. I used a whole onion in place of the pearl onions, and I would add more carrots next time.
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