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When ready to cook, start the Traeger on Smoke with the lid open until a fire is established (4-5 minutes).
Season both sides of your steaks with Traeger Prime Rib Rub or salt and pepper, to taste. Wrap the exterior of each filet in bacon and secure with a toothpick or butcher's twine, if necessary.
Place the steaks directly on the grill grate, close the lid, and smoke for 30 minutes.
While the steaks are smoking, prepare the balsamic red wine reduction. Add the vinegar, red wine, garlic, and brown sugar to a small saucepan. Simmer over medium heat until the mixture is reduced by at least half. You want your reduction to cling to the back side of a spoon without running off too quickly or turning into a hard ball. Slowly melt in 1 tablespoon of butter and stir thoroughly to incorporate. Remove from the heat and set aside.
Remove the filets from the grill to a separate plate. Close the lid on your grill, turn the temperature setting to High and allow the grill to preheat for 10 minutes. Return the steaks to the heated grill and sear for 4-6 minutes on each side until desired done-ness.
Transfer to a warmed plate and drizzle with the balsamic red wine sauce. Enjoy!