In a medium saucepan, heat 4 cups of low-sodium chicken broth over medium-low heat until it just begins to simmer, about 5 minutes. Keep the broth warm on the stove.

In a large skillet, add 2 tablespoons of olive oil and place it over medium heat. Once hot, add the thick-cut bacon and cook for about 10 minutes until crispy, stirring occasionally. Remove the bacon from the skillet and place on paper towels to drain excess grease.

Lower the heat to medium-low and add the finely chopped shallots to the bacon drippings, seasoning lightly with a pinch of salt. Sauté for 1-2 minutes until softened and translucent, then add the minced garlic and continue cooking for an additional minute.

Stir in 1 ½ cups of Arborio rice into the skillet, toasting the rice for 2-3 minutes, stirring continuously.

Pour in ½ cup of dry white wine and cook for 2-3 minutes until the wine is almost completely absorbed by the rice.

Add the warm chicken broth gradually, one ladle at a time, stirring gently until absorbed before adding the next, about 20-25 minutes total.

Once the rice is creamy and slightly al dente, remove the skillet from the heat. Stir in the prepared caramelized onions and reserved crispy bacon.

Add 1 cup of grated Parmesan-Reggiano and 2 tablespoons of unsalted butter, stirring until melted and creamy. Season gently with salt and freshly ground pepper to taste.