Add chicken broth and kosher salt to a pot and bring to a simmer on medium-low heat.
In a large skillet or pot, heat olive oil on medium. Add onion and cook until they soften, about 4 minutes.
Add garlic, thyme and arborio rice and stir to coat the rice in the oil. Toast the rice and continue to stir until the edges have started to become translucent, about 5 minutes.
Add wine and continue to stir until it has evaporated.
Start adding the chicken broth to the rice in ½ cup increments. Allow the broth to absorb into the rice before adding more. Continue to stir the rice as you add the broth to help release its starches - making the risotto nice and creamy!
Start to taste test the risotto after 15 minutes of continually adding the broth. It should be creamy on the outside with slightly firm texture on the inside when it's done. You may need more or less broth depending on how quickly the risotto cooks.
Remove the pot from heat and add the bacon, sweet peas and smoked gouda. Stir until the peas have thawed and the gouda has melted. Stir in butter and serve with fresh cracked pepper.