Bring a large pot of water to a boil. Once boiling, add the tortellini and cook according to package instructions. Reserve about 1/4 cup of the starchy cooking water, then drain the pasta and set it aside.

In a large skillet, melt the butter over medium heat, stirring often, until it foams, smells nutty, and browns. This will take about 5 minutes. Scrape the browned butter into a small bowl and set aside.

Add the chopped bacon to the skillet and cook for 2 minutes. Add the asparagus pieces and shallot; cook for about 4 minutes, stirring occasionally. You want the bacon to be golden brown and crispy and the asparagus to be crisp, but tender. Add the garlic and cook for 1 minute. Season with salt and pepper, to taste.

Add the cooked tortellini to the skillet. Pour in the browned butter and stir until the pasta is well coated. Add a splash of the reserved pasta water. Stir in the Parmesan cheese and basil. Add more salt and pepper, if desired.

Serve warm and garnish crushed red pepper flakes and extra Parmesan cheese.