Put the pot on the stove and turn the heat to medium. When the pot is hot, carefully add the oil.
When the oil is hot, add the onion and salt, and cook, stirring occasionally, until the onion is soft and starting to look clear, about 6 or 7 minutes.
Add the collards, smoked paprika, and thyme, and cook until the greens are just wilted, about a minute. Add the water, stir, cover the pot, and cook until the greens are just tender, about 5 to 10 minutes.
Stir in the vinegar, black-eyed peas, and rice. Cover the pot, turn the heat down to low, and cook for 5 minutes. Now taste it. Does it need black pepper? More salt? More vinegar? If so, add it and taste again.
Serve right away, with hot sauce, if you like.