Brown bacon in wide heavy pot over medium 5 to 6 minutes. Transfer to bowl; cook mushrooms in drippings 5 minutes. Add to bacon.
Pat chicken dry; add salt and pepper. Brown in same pot in two batches: skin-side down 6 minutes, second side 2 minutes. Plate; leave about 1 tablespoon fat.
Cook onions and carrots 4 minutes; add garlic 30 seconds, then flour 1 minute. Gradually add wine and broth, scraping browned bits. Add thyme and bay.
Return chicken skin-side up with juices; gently simmer and cover. Cook over low 30 to 35 minutes until tender and thickest meat 175 to 185°F.
Return bacon and mushrooms; simmer uncovered 5 minutes. Remove thyme stems and bay. Platter chicken; spoon sauce and vegetables around it.