Set a medium sauce pan over medium-low heat. Pour in chicken broth and allow the broth to come to a simmer. Keep the broth warm until ready to use.
Heat a large sauté pan over medium heat. Add the olive oil and bacon, cooking the chopped bacon until crispy, about ten minutes. Use a slotted spoon to remove the bacon from the pan and transfer it to a plate lined with paper towels to drain.
Turn the heat of the pan down to medium-low. Add shallots and a pinch of salt, cooking for 1-2 minutes until softened. If they cook too quickly, remove the pan from heat briefly to avoid burning.
Add garlic and cook for about a minute with the shallots before adding rice, stirring to coat in the oil mixture. Cook rice for about 2-3 minutes until just a white dot remains in each grain.
Pour in white grape juice; allow it to absorb into the rice while cooking out the alcohol for about 2-3 minutes.
Once absorbed, begin adding warm chicken broth one ladle at a time—wait until nearly absorbed before adding another ladle over approximately 20-25 minutes.
When rice has slight bite left, stir in caramelized onions and cooked bacon; remove from heat and mix in parmesan and butter while seasoning with salt and pepper as desired.