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In a small bowl, combine the wine, rosemary, olive oil, onion, garlic, salt and pepper. Place the steaks and the marinade in a large resealable bag for several hours or overnight.
For the caramelized onions, slice the onions in half lengthwise through the stem. Lay each onion half flat on a cutting board and cut into 1/4-inch slices.
Transfer to a heatproof pot. Pour the butter over the onions and season with sugar, salt, and pepper. Stir well with a wooden spoon.
When ready to cook the onions, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 minutes). Set the temperature to 300 degrees F and preheat, lid closed, for 10 to 15 minutes.
Place the pot on the grill grate and cook the onions for 2 to 2-1/2 hours, stirring every 30 minutes, until they are very tender and golden brown. Flavor with a restrained pour of balsamic vinegar. Let cool and store in a covered container in the refrigerator.
Remove the steaks from marinade. Lightly season steaks with Prime Rib Rub.
When ready to cook, start the Traeger on Smoke with the lid open until a fire is established (4-5 minutes). Place steaks on grill and smoke for 25 to 30 minutes.
Remove steaks from grill and increase temperature to 375 degrees F; allow 10 minutes for grill to come to temperature. Place steaks on grill and cook for 25 to 30 minutes for medium well. Top with warmed caramelized onions. Enjoy!