Cook bacon in the oven on a baking sheet at 350˚for 18-22 minutes or until evenly crispy. Remove, pat to remove excess grease, then chop.
While bacon is cooking, cook pasta according to package and drain.
In a pot over medium-high heat, melt butter (or bacon drippings) then whisk in flour. Let bubble for 1 minute then whisk in milk and ranch seasoning packet. Return to boil and stir until thickened then reduce to low.
Stir in cooked bow tie pasta, shredded chicken and 3/4 of the chopped bacon. Season with salt and pepper as desired. Let simmer for 5 minutes or until chicken is warmed then top with remaining bacon and serve hot.