Cook bacon in 4-quart saucepot over medium-high heat until crisp. Remove bacon and set aside; reserve drippings.
Cook onion in reserved drippings over medium-high heat, stirring occasionally, 6 minutes or until tender. Stir in rice, Sauce, water, peas, salt and pepper. Reduce heat to low and simmer, stirring occasionally, 4 minutes or until heated through. Stir in cheese and bacon.