COOK THE BACON AND THEN THE ONIONS: Drizzle the olive oil evenly into a large skillet and warm over medium-high heat for a minute. Add the chopped bacon and cook, stirring regularly, until cooked but not crispy. Remove bacon to a small bowl and discard about half of the bacon fat, being careful to afterward wipe the side of the skillet if you’ve poured it out. Add half of the diced onion to the skillet and cook, stirring, for about 5 minutes or until softened. You’ll use the other half of the onion in a few minutes.