Cook bacon in a large pot over medium heat until crisp, 8–10 minutes. Transfer to a paper towel-lined plate.
Add butter to the bacon fat and melt over medium heat.
Stir in onion, carrots, and celery; cook until softened, about 5–7 minutes.
Add garlic and thyme; cook until fragrant, about 1 minute.
Sprinkle flour over the vegetables; stir continuously for 2 minutes.
Gradually whisk in chicken stock and water, scraping up any browned bits.
Stir in wild rice; bring to a simmer, then reduce heat to low and cover. Cook until rice is tender with slight chew, about 45–50 minutes.
Uncover and stir in heavy cream; season with salt and pepper.
Cook 5 minutes more. Remove from heat and ladle into bowls. Garnish with reserved bacon and parsley.
Notes
Let chopped vegetables rest at room temperature before adding to the pot to maintain a steady sauté temperature.Whisk the flour into the vegetables until it turns pale gold and smells nutty to avoid raw flour taste.Freeze leftovers in individual portions and thaw overnight for best rice texture.