Cook the penne pasta according to package instructions. Drain and set aside, reserving a little pasta water in case you need to adjust the sauce consistency.
Cook the Chicken:
While the pasta is cooking, heat the olive oil or butter in a large skillet over medium heat.
Season the diced chicken with salt, pepper, and paprika. Cook the chicken in the skillet for 6-8 minutes, stirring occasionally, until the chicken is cooked through and golden brown. Remove from heat.
Prepare the Sauce:
In the same skillet (or a separate pan if preferred), add the softened cream cheese, ranch dressing, and sour cream. Stir to combine, and cook over low heat until the cream cheese has melted and the mixture is smooth.
Combine Everything:
Once the sauce is smooth, add the shredded cheddar cheese to the skillet. Stir until the cheese has melted and the sauce is thickened.
Add the cooked chicken and crumbled bacon into the sauce, stirring to combine.
Add the cooked penne pasta to the skillet with the sauce. Toss everything together to coat the pasta evenly in the creamy sauce. If the sauce is too thick, add a little reserved pasta water to loosen it up.
Serve:
Taste and adjust the seasoning with salt and pepper if needed. Serve the Crack Chicken Penne in bowls, garnished with fresh parsley if desired.