Heat large non-stick skillet over medium heat. Add orzo and stir until it begins to color (about 10 minutes). The orzo should be medium golden brown. Set orzo aside (this step can be done hours ahead).
In same skillet, sauté chopped bacon over medium heat until brown and cooked through. Remove bacon from skillet, and set aside. Remove all but 1 TBS bacon fat, and sauté onion over low heat until soft, but not brown. Add 2 ? cups chicken broth and orzo, and bring to a boil. Reduce heat to medium-low, cover, and simmer until broth is absorbed and orzo is tender, about 20 minutes. Add peas, and more broth if needed. Cover and cook until peas are thawed, and warmed through (3-5 minutes). Season to taste, garnish with reserved bacon, and serve. 6 servings.