in a large frying pan with a cover heat enough evoo to cover bottom of pan and then soften your onions and then add your pancetta, chopped roughly. let everything get soft.
clean the collard greens thoroughly but leave them wet
add the wet collard greens, a generous splash of balsamic, and a generous splash of Louisiana Red Hot Sauce, lower the heat to a bit over the simmer temp and cover the pan to let the collards cook. The moisture on the leaves and in the pan should be more than enough.
while the collards are softening and cooking, slice your red peppers julienne style and quickly sauté them. I find that if you separate them, they stay crispy and add a nice texture to the dish. you can add some bacon or shaved almonds for more texture.
the longer you let the collards sit, the better they taste but they are done when they are limp and dark green.
plate the collards in their juices and lay the red peppers and slivered or shaved almonds on top.