Place the bacon in a large, deep skillet, and cook over medium-high heat, turning occasionally, until evenly browned, about 10 minutes. Drain the bacon slices on a paper towel-lined plate. Chop the cooled bacon into small pieces.
Stir together the cream cheese and ranch dressing mix in a bowl until smooth. Add the bacon, Cheddar cheese, green onions, and olives; stir until well combined. Shape the mixture into a ball and roll in the chopped pecans. Refrigerate overnight.