If using dried peas, place them in a large bowl and cover with at least 2 inches of water. Soak overnight (8-12 hours), then drain and rinse. For a quick soak, cover peas with boiling water, let sit 1 hour, then drain and rinse. If using canned peas, skip this step.

In a large Dutch oven or heavy pot, add chopped bacon. Turn heat to medium and cook, stirring occasionally, until fat is rendered and bacon is crispy (about 6-8 minutes). Remove bacon with a slotted spoon and set aside. Leave 2 tablespoons bacon fat in the pot.

Add diced onion, minced garlic, diced celery, and diced carrot to the pot. Sauté in bacon fat over medium heat until vegetables are softened and fragrant, about 5-7 minutes. Scrape up any browned bits from the bottom.

Stir in smoked paprika, dried thyme, black pepper, cayenne (if using), and bay leaf. Add soaked (or canned) black eyed peas and pour in chicken broth and water.

Bring to a boil, then reduce heat to a gentle simmer. Cover and simmer for 45-60 minutes, stirring occasionally, until peas are tender and broth is flavorful. Add more water if needed. If using canned peas, cook for 20-25 minutes. Taste and add salt as needed. Remove bay leaf.

Stir reserved bacon back into the pot. Simmer uncovered for 5-10 minutes to thicken slightly. Taste and adjust seasonings as desired. Sprinkle with chopped fresh parsley before serving, if desired.

Serve hot, with hot sauce on the side.