Place potatoes in large pot and cover with water. Bring to a boil over medium-high heat. Reduce heat and simmer until tender, about 15 minutes. Drain and rinse with cold water.
Meanwhile cook bacon in medium skillet until crisp. Remove bacon from grease and drain on paper towels.
Carefully drain about half the bacon grease from the skillet; discard. Add salad dressing to remaining grease in skillet. Whisk until well combined.
Combine potatoes, bacon, cheese, green onions and dressing in large serving bowl. Gently stir to combine. Let stand 30 minutes before serving. Best served at room temperature.