Spray a large pot with Pam then sauté diced bacon over medium low heat, stirring often. As bacon begins to brown, add crushed garlic and continue cooking until garlic becomes fragrant, about 30 seconds more.
Add peas, 32 oz. beef broth, 32 oz. chicken broth and bay leaf. Cover, increase heat and bring to a boil. Once the peas start to boil, vent and continue to cook at a slow boil for 2 hours. Check liquid level occasionally adding equal amounts beef and chicken broth as needed to keep peas covered with liquid.
While peas cook, prepare onions. Sauté onions in olive oil in a large skillet over medium heat until onions began to caramelize, about 20-30 minutes. Set aside until ready to add to peas.
After 1 hour, add whole jalapeno peppers to peas. (As long as peppers remain whole, they will just impart flavor and not much heat.)
30 minutes before peas are done, remove cover and add caramelized onions and sugar to peas. Reduce heat to simmer.
15 minutes before serving, add balsamic vinegar. Taste peas and add salt and pepper to taste.