In a large pot, cook the chopped bacon until it begins to crisp, about 10 minutes.
Add the onion, celery, bell pepper, garlic, thyme, black pepper, and 1 teaspoon of the salt. Saute the vegetables with the crisp bacon until tender, about 7-10 minutes.
Add the broth and thawed Black-Eyed Peas and bring to a boil over medium-high heat. Reduce heat and simmer, uncovered, until the black-eyed peas are tender, about 40 minutes.
Drain the mixture, reserving all the cooking liquid. Place the drained mixture back in the pot they were cooked in and add 1 cup of cooking liquid. Cover and set aside.
In a medium saucepan, toast the rice in oil over medium-high heat, stirring frequently, until the rice becomes fragrant.
Stir in 3 cups of reserved cooking liquid, remaining 1/2 teaspoon of salt. Bring the mixture to a boil, then reduce heat and simmer gently until the cooking liquid has absorbed and the rice is tender.
Fluff the cooked rice with a fork, then add the rice to the black-eyed pea mixture.
Add the remaining cooking liquid, 1⁄4 cup at a time, until the mixture reaches the desired texture. Sprinkle servings with sliced fresh scallions.