Grate 8 ears corn into a medium bowl. In a large heavy pot, cook bacon over medium-high until crisp. With tongs, transfer to paper towels to drain. Add onion to the pot and cook until soft, about 8 minutes.
Add corn and accumulated juices to the pot, cook 5 minutes. slowly stir in whole milk, cook until thick and creamy, about 2 minutes. Season with salt and pepper and red pepper flakes to taste.
Transfer into a serving bowl. Crumble bacon over corn mixture and top with torn basil leaves.