Preheat oven to 400 degrees F. Line a baking sheet with heavy-duty aluminum foil. Place a cooling rack over pan and spray rack with nonstick cooking spray.
In a shallow dish, combine bread crumbs, cheese, 2 tablespoons olive oil, thyme, salt and pepper, to taste. In a separate shallow dish, combine mustard, water, salt and pepper, to taste, and remaining olive oil. Coat each chicken breast with mustard mixture; dredge each in bread crumb mixture. Place on prepared rack in pan. Bake for 25 to 30 minutes, or until chicken is golden brown. Serve immediately.
Recipe courtesy of Paula Deen