In the bottom of a 9-inch x 13-inch baking dish, mix together cream of chicken soup and water. Spread over the bottom of the dish.
Lay one breast on a cutting board, cover with plastic wrap, and pound until 1/2-inch thick. Repeat with each breast.
Season each breast with salt and pepper and then lay chicken in the baking dish over the soup.
In a medium bowl, mix together mayonnaise, cheddar cheese, garlic, and ranch mix. Divide ranch mixture evenly over the chicken breasts and spread so the tops are completely coated.
Bake for 15 minutes. Remove from oven and chicken with cornflakes and Monterey Jack cheese.
Return to oven and bake for additional 15 minutes or until chicken is cooked through, the topping is golden, and cheese is melted.
Remove baking dish from oven and top with crumbled bacon and chopped parsley. Serve warm.