Preheat oven to 350°F.
Line a sheet pan with aluminum foil, arrange 6-8 strips of thick-cut bacon in a row, and bake until crispy, 20-25 minutes.
Remove the sheet pan from the oven and use a pair of tongs to transfer the crispy bacon onto a platter or plate lined with paper towels to absorb excess grease. Reserve three tablespoons of bacon grease (optional). Rough chop the bacon strips and set aside.
Add the collard greens to a large stockpot over medium-high heat with 6 cups of water and 1-2 teaspoons of Kosher salt. Blanch the collard greens until they are bright green, about 5 minutes. Drain thoroughly and set aside while you make the roux.
Place a large skillet (12-inch) over medium-high heat. Add the bacon drippings (OR 3 tablespoons olive oil) and 4 tablespoons unsalted butter. When the olive oil and butter mixture has melted, add the flour and cook until the roux is a light blond color.
Whisk in the heavy cream and whole milk, reduce the heat to low, then add the Hot Old Bay seasoning, smoked paprika, sea salt, and freshly cracked black peppercorns. Whisk the seasoning until thoroughly mixed.
Add the chopped collard greens, onions, garlic and celery. Stir to mix, then place a lid over the skillet and simmer on low heat, stirring often, until the greens are tender and the sauce thickens. (About 20-30 minutes or until greens are tender)
When the greens, especially the stems, are tender, turn off the heat and move the skillet to the cool side of the oven.
Top the creamy collard greens with the chopped thick-cut bacon and cut green onions.
Serve.