Cut asparagus into 1 1/2- inch pieces. Cook asparagus in boiling salted water to cover in a Dutch oven over medium-high heat 4 minutes or until crisp-tender; drain. Plunge into ice water to stop the cooking process; drain and set aside.
Cook bacon in a large skillet over medium-low heat until crisp; remove bacon, and drain on paper towels, reserving 1 1/2 Tbsp. drippings in skillet. Discard remaining drippings. Crumble bacon.
Saut mushrooms and shallots in hot drippings over medium-high heat 5 minutes or until shallots are tender.
Add asparagus and crushed red pepper; saut 1 to 2 minutes or until thoroughly heated. Stir in crumbled bacon, 1/2 tsp. black pepper, and 1/4 tsp. salt.
