Place the bacon on a foil-lined cookie sheet and bake for 8 to 10 minutes. Remove the bacon from the oven (it should be undercooked). Once the bacon cools slightly, cut it into small pieces.
Reset the oven temperature to 350°F.
In a small pot, melt the butter and add the dry ranch dressing mix. Stir to combine.
Make 1-inch diagonal slices across the top of the bread, but do not cut all the way through; stop each slice about an inch from the bottom of the loaf. Rotate the bread 90 degrees and slice again, making 1-inch slices that stop about an inch from the bottom of the loaf.
Push the cheese and bacon into the sliced bread and drizzle with the butter mixture. Wrap the bread in foil and bake for about 10 to 15 minutes. Then open the foil so that the top of the bread is exposed and bake for an additional 10 to 15 minutes.