In a large saucepan, cook bacon over medium heat until crisp. Lay on paper towels, reserving 1 Tbsp of the bacon drippings in saucepan; set aside. Cook onion & mushrooms in drippings until tender; add rice, cook & stir 2 minutes more. Carefully stir in broth; bring to boiling & reduce heat. Simmer, covered, about 20 minutes or until liquid is absorbed. Remove from heat; stir in bacon & peas. Let stand, covered for 5 minutes. Stir in cheese. If desired, season with salt & pepper to taste.