Chilled Corn and Bacon Soup

In 12-inch skillet, cook bacon on medium 6 to 8 minutes or until crisp and browned. With slotted spoon, transfer to paper towels to drain. If making ahead, cover and refrigerate up to overnight.
Drain and discard all but 1 tablespoon fat from skillet. Add shallots and cook on medium 2 minutes or until golden and tender, stirring occasionally. Add 2 1/2 cups corn, shredded potato, and paprika. Cook 2 minutes, stirring, then add water and cook 7 minutes or until liquid evaporates and vegetables are tender.
Remove skillet from heat and transfer corn mixture to blender. Add milk and 1/8 teaspoon salt and puree until mixture is very smooth. Cover and refrigerate until soup is very cold, at least 3 hours and up to overnight.
To serve, divide among serving bowls. Top with bacon, cilantro, 1/8 teaspoon freshly ground black pepper, and remaining 1/2 cup corn. Garnish with paprika.