To the pot, add the ham bone (or turkey wings), broth, bacon, black-eyed peas, onion, bay leaves, garlic, rosemary, thyme, and smoked paprika to the pot.
Bring to a boil, then reduce heat to a low simmer. Cover the pot, leaving a small opening for steam to escape, and cook for 1 hour. Check the black-eyed peas to see if they are done. If not, cook longer until they are done.
When the black-eyed peas are done, remove the ham bone and take any meat off of the bone and add it back into the pot. Remove the bay leaves and discard them.
Taste and add balsamic vinegar, salt and pepper, if desired.
Garnish with hot sauce, if desired.