Preheat oven to 350 degrees F. Lightly grease a 1 1/2 quart baking dish.
Heat the olive oil in a Dutch over over medium heat. Stir in the collard greens, and cook until wilted, about 10 minutes. Remove to a separate bowl.
While the greens are wilting, cook the bacon in a large skillet over medium heat until crisp. Once done, drain the bacon on a paper towel-lined plate. Wipe out the Dutch oven, and pour in 1 tablespoon of the bacon grease. Discard the remaining grease.
Cook the onions in the Dutch oven over medium heat until they begin to turn tender, 4 to 5 minutes. Add the garlic, and cook 30 seconds longer. Add the wine, bring to a boil, and cook for 2 minutes.
Stir in the cream cheese, sour cream, red pepper flakes, and collard greens. Season liberally with salt and pepper to taste. Cook, until the cream cheese has melted and the mixture is hot.
Pour the mixture into the prepared baking dish, and sprinkle evenly with Parmesan cheese. Bake in the preheated oven until lightly browned, about 20 minutes. Sprinkle with crumbled bacon to serve.