Cook bacon in a Dutch oven until crispy. Remove bacon to a paper towel-lined plate. Drain off all but 1 tablespoon of bacon grease.
Add butter to the bacon grease in the Dutch oven. Turn heat to medium-high. Add onion and celery and cook 5 to 7 minutes, stirring occasionally.
Add flour and cook and stir for 1 minute.
Gradually whisk in chicken broth, milk, and heavy cream.
Drain the container of oysters and add the liquid to the Dutch oven.
Add corn, salt, pepper, crushed red pepper flakes, and bay leaf. Simmer for 15 minutes.
Stir in oysters and wild rice. Simmer for 3 to 5 minutes. Remove from heat.
Stir in half of bacon and reserve the remaining bacon for sprinkling on top.