Cook and stir bacon in large skillet on medium heat until crisp.
Remove bacon from skillet with slotted spoon; drain on paper towels. Discard all but 1 Tbsp. drippings.
Add chicken to drippings in skillet; cook on medium heat 6 to 7 min. on each side or until done (165F).
Meanwhile, combine VELVEETA and chicken broth in small saucepan; cook on medium-low heat 2 to 3 min. or until VELVEETA is melted and sauce is blended, stirring constantly. Spoon over chicken; sprinkle with bacon.