Cook bacon in large nonstick skillet over medium heat until crisp. Reserve bacon and 2 tablespoons bacon drippings in skillet. Add broth; bring to a boil. Add orzo. Reduce heat to low; cover and cook 5 minutes.
Add asparagus and roasted peppers; cover and cook an additional 5 to 10 minutes or until orzo and asparagus are tender, stirring occasionally. Sprinkle individual servings with cheese.