In a large pot, melt butter (1/4 cup) over medium heat. Add red bell pepper (1 large), yellow onion (1 medium), jalapenos (1-2) and saute until tender, about 3 minutes. Add garlic (4 cloves) and cook 30 seconds longer. Stir in all-purpose flour (1/3 cup), and cook 2 minutes stirring constantly. While stirring, slowly add in chicken broth (6 cups) and whisk until well blended.
Add russet potatoes (3 medium), bay leaves (2) and season with salt and pepper to taste. Bring mixture to a boil stirring frequently, then reduce heat to medium-low and cook, uncovered, 10 minutes or just until potatoes are tender, stirring occasionally.
Add in cooked chicken (1 lb), corn (2 1/2 cups) and half and half (1 1/2 cups), and simmer, uncovered 10-15 minutes longer, stirring occasionally. Serve warm topped with bacon (8 slices), green onions and jalapenos (optional).