Season shrimp with salt and pepper.
In a saucepan, warm chicken broth to a simmer. Keep warm.
Heat a non-stick frying skillet, or coat a skillet with cooking spray. Cook bacon until crispy, about 3 minutes on each side. Remove from skillet and set aside to cool slightly. Do not drain skillet.
In same skillet, add shrimp and cook until done, about five minutes. Remove shrimp and set aside. Allow to cool slightly, but keep warm.
Drain any remaining bacon fat from skillet. Return to stove and heat olive oil over medium heat.
Once oil is hot, add onion. Saute until translucent, about 5 minutes.
While the oil is heating and onion is cooking, chop bacon and shrimp. Continue to keep warm.
Add rice to skillet. Stir for 1 – 2 minutes.
If using white wine, add to skillet. Stir until the liquid is mostly absorbed, about 3 -4 minutes.
Add broth, ½ cup at a time, to rice. Stir frequently until liquid in skillet is absorbed. Once liquid in skillet is absorbed, add next ½ cup.
Continue until rice is creamy, about 20 – 25 minutes.
Turn off heat and add cheese and butter. Stir until the cheese and butter has melted. Add shrimp and bacon back into skillet and stir to combine.