Soak the peas. Place the dried black-eyed peas in a large bowl and cover with at least 3 inches of cold water. Let soak at room temperature for 8 hours or overnight. Drain and rinse before cooking. (If you are short on time, use the quick-soak method: boil the peas in water for 2 minutes, remove from heat, cover, and let sit for 1 hour, then drain.)

Render the bacon. In a large Dutch oven over medium heat, cook the diced bacon, stirring occasionally, until crisp and the fat has rendered, about 6 to 8 minutes. Use a slotted spoon to transfer the bacon to a plate, leaving the fat in the pot.

Cook the vegetables. Add the onion, bell pepper, and celery to the bacon fat. Cook over medium heat, stirring occasionally, until softened, about 6 minutes. Add the garlic, smoked paprika, and cayenne pepper, and cook for 1 more minute until fragrant.

Simmer the peas. Return the cooked bacon to the pot. Add the soaked and drained peas, the ham hock, bay leaf, chicken broth, and water. Bring to a gentle boil, then reduce the heat to low, cover, and simmer until the peas are tender but not mushy, about 45 to 55 minutes, stirring occasionally.

Shred the ham hock. Remove the ham hock from the pot and let it cool slightly. Pull the meat from the bone, discard the skin, fat, and bone, and shred the meat. Return the shredded meat to the pot and discard the bay leaf.

Cook the rice. Stir the rice directly into the pot. Bring back to a simmer, cover, and cook over low heat until the rice is tender and most of the liquid is absorbed, about 18 to 20 minutes. Avoid lifting the lid too often, since escaping steam is what finishes cooking the rice.

Rest, season, and serve. Remove the pot from the heat and let it rest, covered, for 5 minutes. Fluff gently with a fork, then taste and season with salt and black pepper. Serve hot, topped with sliced green onions and hot sauce on the side.