Heat a large pot over medium-high heat. Add the chopped bacon and cook until crisp. Remove the bacon with a slotted spoon and set aside, draining on paper towels. Drain off most of the bacon grease from the pot, leaving about 1-2 tablespoons.

Add the salted butter to the pot with the remaining bacon grease. Once melted, add the chopped yellow onion and cook for 5 minutes until it softens and becomes fragrant. Stir in the chopped garlic, dry orzo pasta, and fresh corn kernels. Cook for 2 minutes, stirring often, until the orzo is lightly golden and toasted.

Pour in the chicken broth and bring the mixture to a boil. Reduce the heat to a simmer and cook for 8-10 minutes, stirring frequently, until the orzo is al dente and most of the liquid has been absorbed, creating a creamy consistency.

Stir in the milk, diced green chilies, 1 cup shredded cheddar cheese, 1/2 cup grated parmesan cheese, and 1/4 cup chopped green onions. Cook for another few minutes until the cheeses are melted and the mixture is warmed through. If the orzo becomes too thick, add additional chicken broth, 1/4 cup at a time, until it reaches a creamy but slightly saucy consistency.

Divide the creamy orzo among serving bowls. Garnish each serving with the reserved crispy bacon and a sprinkle of fresh thyme leaves. Serve immediately and enjoy!