Place bacon pieces in a large pot or Dutch oven. Turn heat to medium and cook until bacon is crisp. Remove to a paper towel lined plate and set aside.

Drain all but approximately 2 Tablespoons of bacon grease.

Add butter to the pot with the remaining bacon grease and cook until butter is melted.

Add diced onion, red pepper, and jalapeno and cook, stirring occasionally, until softened (about 5 minutes).

Add garlic and cook until fragrant (about 30 seconds).

Sprinkle the flour over the vegetables and stir until it’s fully absorbed. Cook another 30 seconds longer to lightly toast the flour.

Stir in salt, pepper, smoked paprika, and ground mustard.

Slowly whisk in chicken broth until completely combined.

Add water, milk, cream, potatoes, chicken breast, and corn. Bring mixture to a boil and cook until the potatoes are tender and the chicken is cooked through.

Once chicken is cooked through, remove to a plate and shred or dice. Set aside and keep warm.

Use an immersion blender to puree approximately half of the soup.

After pureeing, return chicken to the pot. Stir reserved bacon back into the pot. Taste-test the soup, adding more salt/pepper as needed.

Serve warm with desired toppings and enjoy!