Remove and discard half the bacon drippings from skillet. Add red peppers and shallots to remaining bacon and drippings in skillet; cook 2 to 3 min. or until shallots are translucent, stirring frequently. Stir in pasta sauce and cream; simmer on medium-low heat 2 to 3 min. or until slightly thickened, stirring constantly. Add black pepper and 1/4 cup cheese; mix well.