Slice corn kernels off the cob with a sharp knife, Set aside.
Cook bacon pieces in a large dutch oven or soup pot, over MED-HIGH heat until just crisp, about 5 to 7 minutes. Remove bacon to a paper towel-lined plate and set aside. Pour off bacon grease, reserving 3 tablespoons grease in the pot.
Add chopped onions and cook about 5 minutes over MED-HIGH heat until soft and translucent, stirring often. Add garlic and flour and continue cooking for 1 minute, stirring constantly.
While whisking, pour in broth. Add corn, potatoes, thyme, paprika, salt, pepper and bay leaf. Stir and bring mixture to a boil. Reduce heat to MED-LOW and simmer 15 to 20 minutes until potatoes are fork tender.
Turn off heat and remove bay leaf. Use an immersion blender to blend about half the soup until smooth. OR carefully transfer half the soup to a blender, pulse until smooth and return to the pot.
Over MED-LOW heat, stir in milk, bacon and honey. Simmer until soup thickens slightly, 5 to 10 minutes.
Serve sprinkled with more bacon, shredded cheddar cheese and sliced green onions.
Store leftovers in airtight container in the refrigerator for up to 3 days.