Preheat oven to 375 degrees. Place bacon on baking sheet and put in oven while it is warming. The bacon needs to be halfway cooked; it should be translucent and pliable, but not browned.
While bacon cooks, cut slits halfway through bread in two directions, creating a checkerboard pattern. Cut cheddar cheese into slices. Slip cheddar cheese slices and bacon pieces into slits.
Drizzle butter over stuffed bread. Sprinkle ranch dressing liberally over entire round. Place bread on same sheet bacon was cooked on, and bake in the preheated oven for 15 minutes.