Cook the bacon in a large cast iron skillet over medium heat until crispy. Take the pan off the heat, spoon cooked bacon on to a paper-towel lined plate, reserve 2 tablespoons of bacon fat, then discard remaining fat. Finely chop cooked bacon and set aside.

Add reserved bacon fat back to the skillet with butter. Warm the skillet over medium-high heat until the butter starts to foam, then add the rings of red onion. Season one side with kosher salt and black pepper. Let the onions cook and caramelize for 5 minutes, then carefully flip each ring. Season the second side with kosher salt and black pepper. Continue to cook until the onions get dark around the edges (4 – 5 minutes more). It’s ok if some spots get blackened. Add the honey and garlic, and let cook until the garlic gets fragrant (about 1 minute). Add the white wine, and simmer until the liquid reduces and thickens (about 3 minutes). Take the pan off the heat and let cool to room temperature.

Add sour cream and cream cheese to a medium bowl, and, using a spatula, mix until smooth and combined. Finely chop the cooled onions, then add them to the bowl along with any juices remaining in the pan or on the cutting board. Add smoked paprika, cayenne pepper, 3/4 of the chopped bacon, chopped chives, a pinch of kosher salt, and a squeeze of fresh lemon juice, stirring to combine. Season to taste with additional kosher salt, black pepper and lemon juice.

To serve, transfer dip to a clean bowl, and garnish with remaining chopped bacon, chives and a sprinkling of smoked paprika. Place dip on a large platter, and surround with potato chips, carrot sticks and celery sticks. Enjoy with plenty of cold beers.