Heat large dutch oven over medium heat. Add bacon to pan, cook 8 minutes or until crisp, stirring occasionally. Remove bacon from pan with slotted spoon.
Add shallots, oil, thyme, and garlic to drippings in pan; cook six minutes or until shallots are tender, stirring occasionally.
Stir in mushrooms, cook 8 minutes, stirring occasionally.
Add rice, cook 1 minute, stirring constantly.
Stir in Madeira, cook 1 minute or until liquid is nearly absorbed, stirring constantly.
Stir in 1 c stock, cook 4 minutes or until liquid absorbed, stirring constantly. Add remaining stock, 1/2 c at a time, until each portion of stock is absorbed before adding the next (25 minutes total).
Stir in spinach, cook 1 minute.
Remove from heat; stir in cheese, salt, and pepper. Sprinkle with bacon, and serve immediately.