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Cook the bacon in a large Dutch oven until crispy. I used a Le Creuset 3 3/4 quart round braiser. Remove the bacon from the pot and drain some of the bacon fat, leaving about 1 tbsp of fat. Chop the bacon into bits.
In the same pot add the chicken and cook for about 3 minutes over medium-high heat, until it starts to brown. It will still be pink inside and uncooked.
Add the ranch seasoning mix to the chicken and stir, making sure each chicken pieces is coated in the seasoning mix.
Add the penne, chicken broth and stir, then bring to a boil. Reduce to a low heat, cover and cook for abut 15 to 20 minutes or until the pasta is cooked al dente or to your preference. Make sure to stir occasionally to prevent the pasta from sticking to the bottom of the pot. There should still be some liquid in the pot when the pasta is done cooking. Add more broth if needed, though I found that 3 1/2 cups was perfect.
Add the cream cheese to the pot and stir it in, until the sauce is creamy and most of the cream cheese has melted.
Add the bacon back to the pot then add about 1 1/2 cups of the shredded cheddar cheese. Stir everything until well combined. The cheese should melt nicely.
Sprinkle the remaining half cup of cheddar cheese over the top and cover the pot with the lid. Cook for about 30 seconds then turn off the heat and remove the lid. The cheese should have melted. Alternatively you can place the Dutch oven in the oven under the broiler for about 5 minutes or until the cheese is bubbly and starts to brown on top.
Garnish with parsley and serve.