Carefully peel the onions and slice them into 1-inch thick rounds. Gently separate the onion slices into individual rings, ensuring they stay intact for stuffing later.

In a large bowl, combine the softened cream cheese, shredded cheddar, crumbled bacon, diced jalapeños, garlic powder, salt, and black pepper. Stir until smooth and well combined.

Spoon the cream cheese filling into each onion ring, filling them to the top. Press gently to pack in the filling.

Create a breading station with all-purpose flour in one bowl, beaten eggs in another, and panko breadcrumbs in a third. Dip each stuffed onion ring in flour, then egg, and finally roll in panko.

Place the breaded rings in the freezer for 2-3 hours to help hold their shape during frying.

Heat vegetable oil in a deep fryer or large pot to 350-385°F. Lower frozen, breaded onion rings into the hot oil and fry for 4-5 minutes, or until golden brown.

Remove fried onion rings from the oil and place them on paper towels to drain excess oil. Serve hot with your favorite dipping sauces.