In a medium sized saucepan, heat up the smoked chicken stock and bring to a simmer.
In a separate, large heavy saucepan, melt 1 tablespoon of the butter and add the bacon and cook over medium heat until the bacon is cooked and crispy (about 5 minutes). Remove the bacon and set it aside. Pour out any excess bacon grease (a little left inside is fine).
Add the other 1 tablespoon of butter, then add the shallots, red bell pepper, and mushrooms, and sauté until tender (about 5 minutes).
Add the rice into the vegetable mixture and stir together. Add the wine and simmer about 1-2 minutes, until the rice has absorbed the liquid.
Next add about ½ cup of the simmering smoked chicken broth and slowly stir until it has been absorbed, about 3-4 minutes. Continue by adding about ½ cup of the broth at a time, stirring constantly, until all the rice has been cooked and is tender. This should take around 25-30 min total. The risotto should be creamy and the rice a bit al dente. Stir in the smoked sausage pieces and Parmesan cheese. Serve immediately. Top each serving with the smoked bacon and more Parmesan cheese.