Pre-heat your oven to 400 degrees. Spray an oven-safe dish at least 7"x9" with cooking spray. Dump in the dry rice. PS: a 9x13 is safer, if you're clumsy like I am when handling 'soupy' things...:)...more room to slosh around before jumping overboard.
In a separate bowl, combine the soup, water, peppers, and onions. Mix well.
Pour the soup mix over the dry rice. Lightly stir.
Crumble the crispy bacon over the top of the dish. You can even sprinkle on a little shredded Parmesan cheese at this point, if you like
Slide the dish into a hot oven and cook until the rice is tender (about 45 mins..ovens vary) and most of the liquid is absorbed. Serve hot, or cool into portions and freeze for later.
To reheat frozen portions, in the oven add a few TABLESPOONS of water to the frozen rice, and bake at 400 until heated through...in the microwave, add a few TEASPOONS of water and nuke in a micro-safe lidded dish until hot. Stir & serve :)