Add bacon to a large pot and saute over medium heat until crisp, about 8-10 minutes. Use a slotted spoon to transfer bacon to a dish, leaving most of the fat behind. Add onions and turn up the heat to high. Stir, then cover, and let cook until wilted, about 5 minutes. Continue cooking, covered, then stirring every 5 minutes or so, adding a tablespoon water as needed to prevent sticking. When the onions are very soft and starting to darken in color, add the mushrooms and season with salt and pepper.
Continue cooking uncovered, stirring and adding water every so often to deglaze the bottom of the pan if it gets dry. Turn the heat down to medium, then cook until the onions and mushrooms are deep brown and caramelized, about 15 minutes more. Add garlic and sage, then cook for one to two minutes.
Sprinkle flour over, then stir until incorporated. Add stock, turn the heat back up to high, and stir until it thickens. Simmer for 5 minutes, then remove from the heat.
Stir in the reserved bacon, turkey and heavy cream, then gently fold in the butternut squash, being careful not to mash it. Taste and season with more salt and pepper as needed (it will need it). Let mixture cool completely.