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Turn your Traeger on the SMOKE setting for 5-10 minutes with the lid open. Then turn grill to the HIGH setting.
Cut rib loin in half (roast halves separately for more controlled/even cooking.) Sear both halves in olive oil over very high heat until nice dark golden color.
Place tricolor peppercorns into a bag, crush pepper corns with a rolling pin.
Strip the leaves from the rosemary and thyme springs. Mix salt, crushed peppercorns, rosemary leaves, thyme leaves and garlic.
Pour olive oil over the rib loin and pour on the rub mix. Pat slightly to get it to stick to the meat.
Roast for 20-30 minutes on HIGH setting, then reduce heat to 300°F and roast for another 30 to 40 minutes or until a meat thermometer registers 125 degrees F for rare/medium rare (roast will continue to cook slightly after removing from the grill).
Remove from the Traeger and let rest at least 20 minutes before slicing. Enjoy!