Cut and trim tough stems away from the collard leaves. Stack leaves, roll tightly and slice into ribbons. Wash ribbons thoroughly and set aside to drain. Dice onion and garlic. Cut bacon into 1-inch pieces.
Heat olive oil in large deep pot over medium heat and add red pepper flakes and bacon. Cook until fat renders and bacon is getting crispy. Remove bacon with slotted spoon. Add onion and garlic and turn heat to low. Cook slowly in bacon fat, stirring frequently, until soft and golden. This should take at least 10 minutes. Turn the heat lower if beginning to darken. Add the collard greens and bacon, stirring until wilted. Pour in wine and chicken broth and season with a little salt and pepper. Bring to low simmer, cover, and cook for as long as it takes to reach the tenderness you prefer. We like soft, tender greens with just a slight bite, which took about 30 minutes over low.
When finished you can remove the lid to let the pot liquor evaporate more, or not - it's delicious poured over rice. Season if necessary with more salt, pepper, and a smoky touch of chipotle.