Preheat oven to 325°. In large saucepot, cook bacon over medium-high heat 4 to 5 minutes or until bacon is crisp, stirring frequently. Discard most bacon fat.
Into same saucepot, add broth, milk, butter, thyme, salt and pepper; heat to boiling over medium-high heat. Gradually whisk in cornmeal until incorporated; reduce heat to medium-low and cook 4 minutes, whisking occasionally. Remove from heat; stir in cheese, onions and roasted red peppers.
Spray 13 x 9-inch glass or ceramic baking dish with nonstick cooking spray. Evenly spread polenta mixture in prepared dish. With back of large spoon, make 8 evenly spaced wells in polenta mixture. Bake 15 minutes.
Remove baking dish from oven. Carefully crack eggs, 1 at a time, into small cup. Slowly slide eggs into wells. Cover with aluminum foil; bake 15 to 18 minutes longer or to desired doneness. Remove from oven; let stand 5 minutes. To serve, cut into squares.