Directions Preheat oven to 350 degrees F (175 degrees C). Place bacon in a large skillet and cook over medium heat, turning occasionally, until halfway cooked, about 5 minutes. Drain the bacon slices on paper towels; cut crosswise into 1/2-inch wide strips. Cut slits halfway through bread in two directions creating a checkerboard pattern. Slip Cheddar cheese slices and bacon pieces into the slits. Mix butter and ranch dressing mix together in a small bowl; pour over bread, allowing to drip into the slits. Wrap entire loaf in a sheet of aluminum foil and place on a baking sheet. Bake in the preheated oven for 15 minutes. Unwrap bread and return to baking sheet; bake until cheese is melted and bacon is crisp, about 10 more minutes.