Cook the bacon in large saucepan until crisp. Remove with a slotted spoon and drain on paper towels. Meanwhile, cut the corn from the cobs and set aside. Snap the cobs in half and put in a pot with 7 cups water; bring to a low simmer. Stem and slice the mushrooms.
Cook the mushrooms in the pan with the bacon drippings over medium-high heat until slightly crisp, about 3 minutes. Season with salt and pepper and transfer to a plate. Add the butter and shallots to the pan, season with salt and pepper and cook until soft, about 2 minutes. Add the rice and cook, stirring, 1 minute. Stir in the wine until absorbed, then add 1 teaspoon salt and the corn kernels.
Ladle in 1/2 cup of the hot corn broth, stirring until absorbed. Continue adding broth in 1/2-cup increments, allowing it to be absorbed before adding more, until the rice is just tender, about 20 minutes. Stir in the cheese, chives and some of the mushrooms and bacon. Season with salt and pepper. Serve topped with the remaining bacon and mushrooms and more cheese.