Cook the bacon in a large saucepan until crisp. Remove the bacon and drain on absorbent paper towels, patting to remove all the grease, and crumble. Reserve 2 tb of the drippings and discard the remaining grease. Cook and stir the onions, in the reserved drippings, until tender and lightly browned. Add the soup and gradually mix in the water, blending well. Bring to a full boil. Add the rice, salt and bacon, stirring to blend, cover, and remove from the heat. Let stand for 5 minutes before serving.