In a bowl, mix ½ cup of Dijon mustard with paprika, black pepper, and salt. Toss the chicken pieces in the mustard mixture, lifting the skin to rub some of the mixture underneath. Set aside.
Add olive oil to the skillet and place the chicken pieces in a single layer over medium-high heat. Brown them well on one side, then flip and brown the other side. Transfer the chicken to a platter and discard the oil.
Heat a skillet with a lid or a Dutch oven over medium-high heat and add the bacon. Cook the bacon, stirring frequently, until softened and slightly browned. Remove the bacon from the skillet and set aside, leaving about 1 tablespoon of bacon fat in the skillet and discarding the rest.
Add the onion to the skillet and cook until soft and translucent. Stir in the thyme and cook for a couple of minutes before adding the chicken pieces. Pour in the wine, cover, and cook the chicken over low to medium heat, turning it a few times, until fully cooked, about 20 minutes.
Stir in the remaining 3 tablespoons of Dijon mustard, mustard seeds or grainy mustard, and heavy cream into the skillet. Add water to thin the sauce and simmer briefly. Top the chicken with chopped parsley and serve immediately.