In a large Dutch oven set over medium-high heat, cook the bacon until rendered and crisp. Remove with a slotted spoon and set aside.
6 slices uncooked bacon
Season the chicken thighs with salt and pepper and, working in batches if needed, sear them skin side down until deeply golden, about 5 minutes. Flip and cook until the second side is golden, about 3-5 more minutes. Remove from the pot and set aside.
3 pounds bone-in, skin-on chicken thighs, Kosher salt and ground black pepper
Reserve 3 tablespoons of fat from the pot and discard the rest.
To the pot with the reserved oil, add in the onion and carrots. Cook until softened and golden, about 5 minutes. Stir in the mushrooms and garlic and cook until fragrant, about 1 minute.
1 yellow onion, 1 carrot, 2 cloves garlic, 8 ounces cremini mushrooms
Add in the tomato paste and flour, stirring to coat the vegetables. While stirring, slowly pour in the wine and chicken broth. Stir in the thyme and bay leaf.
1 tablespoon tomato paste, 2 tablespoons all-purpose flour, 2 cups red wine, 1 cup low-sodium chicken broth, 1 tablespoon fresh thyme leaves, 1 bay leaf
Return the chicken and half of the bacon to the pot. Bring to a simmer. Cover and cook until the chicken is cooked through and very tender, about 30 minutes.
Remove the lid, stir in the butter, and continue to simmer until the sauce has thickened, about 10 minutes.
3 tablespoons unsalted butter
Garnish with additional fresh thyme and serve.