Sort the dried black-eyed peas and pick out any debris. Rinse, then add to a large bowl and cover with 5 cups cold water. Let sit for 2-3 hours. (You can also boil them over high heat for 1 minute, then cover and let sit for 1 hour).
Heat a large pot or Dutch oven over medium heat. Add the bacon and cook until slightly crispy, about 5 minutes.
Add ham hocks, onion, peppers, and celery. Cook 5 minutes, or until the vegetables are softened.
Add garlic and cook 1 minute, stirring, until garlic becomes fragrant.
Add the collard greens and stir. Cook for 2-3 minutes.
Add the seasonings and stir, then pour in the chicken broth, along with the bay leaves and salt and pepper to taste.
Drain the black eyed peas and add them to the pot.
Bring to a boil, then reduce heat to low. Cover and simmer for at least 30 minutes, stirring occasionally, until the beans are tender to your preference. Simmer longer as needed for larger ham hocks and creamier black eyed peas.
Remove the ham hocks and bay leaf. Pick the meat from the bones and add back to the soup pot. Skim any fat from the surface.
Stir in apple cider vinegar and adjust for salt and pepper.
Serve into bowls and garnish with fresh chopped parsley and red pepper flakes.