Step 1

Cook and stir bacon in large saucepan on medium heat until crisp. Remove bacon from pan with slotted spoon; drain on paper towels. Discard all but 1 Tbsp. drippings from pan.

Step 2

Add chicken and vegetables to reserved drippings in pan; cook 5 to 8 min. or until chicken is no longer pink and vegetables are crisp-tender, stirring frequently. Whisk in flour until blended. Gradually stir in water. Add bouillon and mustard; stir until bouillon is dissolved. Simmer on medium-low heat 10 min., stirring occasionally.

Step 3

Add cheese in small batches, cooking and stirring after each addition until cheese is completely melted. (Do not allow soup to come to boil.) Serve topped with bacon.