Cook the bacon in a large saucepan over medium heat until the grease begins to render. Stir in the onion, bell pepper, and thyme; cook until the onion is nearly translucent. Reduce heat to medium-low and add the tomato sauce, browning sauce, salt, black pepper, and red pepper flakes; stir; simmer another 3 minutes. Add the corn; simmer another 3 minutes. Slowly pour the water into the mixture while stirring. Raise the heat to high and stir in the rice; bring to a boil; cover and reduce heat to low. Simmer until the rice has absorbed all the moisture, about 30 minutes; fluff with a fork to serve.