MIX cream cheese spread, 2 Tbsp. milk and seasonings until blended.
COOK and stir bacon in large skillet until crisp. Remove bacon from skillet with slotted spoon; drain on paper towels. Discard all but 2 Tbsp. drippings from skillet.
STIR onions into reserved drippings; cook and stir 3 min. or until crisp-tender. Add cream cheese mixture, peas and remaining milk; cook and stir 3 min. or until heated through.
ADD bacon and pasta; toss to evenly coat.