Cook the bacon pieces in a large saucepan until crispy, remove from heat. Take the bacon pieces out of the remaining grease, and drain. Pour out some of the remaining grease, leaving 3-4 tablespoons worth of grease remaining in the pan. Add the white portions of the onions, salt and pepper, to the grease and cook until softened, about 5 minutes, stir in paprika. Add the flour and cook a minute or two more. Whisk in milk and hot sauce, and bring up to a bubble, then allow to thicken a minute or two. Turn off the heat, and stir in the green onions, and two cups of the shredded cheese until melted.