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Combine rosemary, garlic, olive oil, salt and pepper in a small bowl and rub over elk loin. Marinate for 2 hours.
When ready to cook, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 minutes).
Place the elk loin directly on the grill grate and cook for 1 1/2 to 2 hours or until it reaches an internal temperature of 100 degrees F. Remove from the grill and increase the temperature to 375 degrees F.
When the grill is to temperature, place the elk loin back on the grill grate and roast until the internal temperature reaches 120 degrees F. Remove from the grill and let rest 5-7 minutes before slicing.
For the polenta: In a heavy-bottomed pot, bring 5 1/2 cups water and 1 Tbsp kosher salt to a boil over high heat. Add the polenta slowly, whisking continuously.
Turn the heat down to low, and continue cooking for another 20 minutes, whisking often. Add another 1/2 cup water as needed, about every 20 minutes. The flame should be low, so that the polenta is barely simmering. Whisk in butter and season to taste.
Serve the polenta with the sliced elk loin on top. Enjoy!
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