Heat oven to 375°. Cook bacon 10-15 minutes, until cooked through but not crispy.
Remove from oven and chop (*reserve 2 Tbsp. bacon drippings).
In large soup pot on medium heat, add bacon drippings, onion, and red pepper. Saute until onion is tender.
Reduce heat to low. Add flour, salt, and pepper and cook for 4 minutes, stirring constantly.
Add chicken broth slowly, whisking constantly.
Add potatoes, corn, and cooked bacon. Bring mixture to a boil.
Reduce heat to medium, cover, and simmer 20 minutes or until potatoes are tender.
Stir in heavy cream
Season with additional salt & pepper; add cayenne pepper to taste.
Garnish with shredded cheese and chopped green onion.