Trim thick stems from collard greens; coarsely chop leaves. In a Dutch oven, saute bacon for 3 minutes. Add onion; cook 8-9 minutes longer or until onion is tender and bacon is crisp. Add greens; cook just until wilted.
Stir in remaining ingredients. Bring to a boil. Reduce heat; cover and simmer for 45-50 minutes or until greens are tender.