Pound chicken breasts with a meat mallet until uniform in size and thickness. This helps with more even cooking, and makes the chicken deliciously tender.
Brown chicken breasts for a few minutes on each side in the bacon drippings; remove skillet from heat.
In a medium bowl, combine the bacon crumbles, cocktail onions, onion soup mix, cranberry sauce, water, and thyme. Stir well. Pour over all the chicken in the skillet.
Return pan to the burner. Lower heat to simmer, covered, for about 20 minutes, until juices run clear. Remove lid; you can continue to cook for several minutes, uncovered, until juices are reduced, and chicken takes on a glazed appearance.