Preheat your oven to 375°F (190°C). Lightly spray a 9x13 inch baking dish with nonstick cooking spray.
Pat the chicken breasts completely dry with paper towels. Season both sides generously with salt and pepper.
Heat a large skillet over medium-high heat. Add olive oil or butter. Sear the chicken breasts for 5 minutes on each side until golden brown. Transfer to the prepared baking dish.
In the same skillet, add the chopped onion and minced garlic. Sauté for about 3 minutes until translucent and fragrant.
In a medium bowl, whisk together the cream of mushroom soup, chicken broth, soy sauce, paprika, and thyme until smooth.
Pour the sauce mixture evenly over the chicken in the baking dish, making sure all pieces are covered.
Cover the baking dish tightly with aluminum foil and bake for 30-35 minutes, until the chicken reaches an internal temperature of 165°F (74°C).
Remove from oven and let rest for 5 minutes. Serve the smothered chicken over the cooked rice, spooning the creamy sauce generously over everything.