Preheat oven to 400 degrees F. Place asparagus in single layer in a 15x10x1-inch baking pan. Drizzle with olive oil. Bake, uncovered, for 8 minutes or until crisp-tender. Cool slightly. Cut into bite-size pieces; set aside.
Melt butter over medium heat in a large saucepan. Cook onion in hot butter for 4 to 5 minutes or until tender. Add rice. Cook and stir for 2 minutes. Carefully stir in broth and pepper. Bring to boiling; reduce heat. Simmer, covered, for 20 minutes (do not lift lid).
Meanwhile, cook bison bacon, 1/2 at a time, over medium heat in a large skillet for 5 to 6 minutes per batch or until crisp, turning occasionally. If necessary, drain on paper towels. Transfer to a cutting board. Cool slightly; chop into bite-size pieces.
Remove saucepan from heat. Stir in asparagus. Let stand, covered, for 5 minutes. Stir in bison bacon pieces and Parmesan cheese.