POUR broth and water into large saucepan; stir. Bring to boil on medium-high heat. Add tortellini. Reduce heat to medium-low; cover. Simmer 8 to 9 min. or until tortellini is tender. (Do not drain.)
ADD cream cheese and peas; stir. Heat 2 to 3 min. or until cream cheese is completely melted, stirring occasionally.
STIR in shredded cheese and bacon.