In a medium size pan, heat the oats, milk, water, and salt over medium heat. Once the mixture begins to simmer, approximately 5-6 minutes, stir in the chopped bacon, pepper, and garlic powder. Continue to stir until the mixture thickens, about 3-4 more minutes.
Then add the cheddar and give it a few more stirs to incorporate. You don’t want to stir too much because the mixture begins to get pretty sticky.
Pour into a serving bowl and top with bacon garnish.
Note: This was one of my first savory oat recipes. It turned out really well! The oats were a blank canvas for the bite from the sharp cheddar and the smokiness of the bacon. It reminded me a lot of a risotto.