Chop the squash in cubes, about 1/2 - 3/4 inch. This can be done in advance and frozen. We discussed grating or mincing a lot of it to ease absorbing into the mix.
Heat the broth and water and leave simmering
In a big skillet (with a cover), heat some oil or butter and saute the onion until a bit tender.
Add arborio rice and saute for a few minutes
Add wine and stir until absorbed
Dump in about 2-3 cups of the broth along with the squash. Stir well, then slap the cover on and reduce to simmer. See my other post about why you don't need to do that "stir constantly" crap.
Microwave the bacon, probably about 6-10 minutes. When it's done, chop into small bits
Every so often, stir the rice and add more broth if needed.
After about 20 minute, rice will be tender. Mash up the squash. Add bacon and cheese. Add salt and pepper to taste.