In a large pot, heat 2 tablespoons of olive oil over medium heat. Add 1 diced onion, sautéing for 5–7 minutes until it’s translucent and soft. Then, toss in 2 minced garlic cloves and cook for an additional minute, stirring frequently until fragrant.

Incorporate 4 peeled and diced russet potatoes into the pot, followed by 4 cups of broth. Stir in 1 teaspoon of dried thyme, 1 teaspoon of smoked paprika, and salt and pepper to taste. Increase heat to bring the mixture to a rolling boil, then reduce to medium-low, letting it simmer uncovered for 15–20 minutes, until the potatoes are fork-tender.

Carefully use an immersion blender to puree the soup to your desired consistency. Blend until fully smooth or leave it slightly chunky.

Once blended, stir in 1 cup of heavy cream, 1 cup of shredded cheddar cheese, and ½ cup of sour cream. Warm the soup over medium heat for about 5 minutes, stirring gently until the cheese melts.

Ladle the soup into bowls and garnish generously with crumbled bacon, additional cheddar cheese, and sliced green onions.