Bring a large pot of salted water to boil and cook pasta according to package directions. Drain and set aside.
Preheat oven to 350º F and lightly grease a 9×13-inch baking dish with non-stick spray.
Combine chicken soup, velveeta and chicken broth in a medium saucepan over medium heat, stirring until melted and smooth. Whisk in ranch dry mix and salt and pepper.
Place drained pasta and shredded chicken in greased baking dish and pour cheese sauce over the top. Toss together until everything is evenly coated, then top with cheddar cheese and bacon bits.
Place baking dish in oven and bake for 30-35 minutes, or until cheese is melted and bubbly, and dish is heated through.