1In 4-quart Dutch oven, heat water to boiling. Add collard greens to water; heat to boiling. Boil 30 minutes; drain.
2Meanwhile, in 12-inch skillet, cook bacon over medium-high heat, stirring occasionally, until crisp. Remove bacon with slotted spoon, reserving 1 tablespoon bacon fat in skillet. Drain bacon on paper towels.
3In same skillet, heat reserved bacon fat over medium heat. Cook remaining ingredients in bacon fat 5 minutes, stirring frequently. Stir in collard greens and bacon; reduce heat to low. Cover and cook about 15 minutes longer, stirring occasionally, until collard greens are very tender.