How to Make It
Heat the oil in a large skillet over medium heat. Add the onions and cook, stirring, until soft and caramelized, 30 minutes. Add the bacon, garlic, paprika, and thyme and cook, stirring, until the bacon is browned but not crisp, 5 to 7 minutes. Stir in the broth and bring to a boil. Reduce heat and simmer until the bacon is tender, about 5 minutes.
Using a blender, puree the gravy in batches until smooth. Return the gravy to the skillet and keep warm over low heat. Whisk in 1½ teaspoons salt and ¾ teaspoon pepper. Serve.
Make Ahead: Make the gravy completely. Cool and refrigerate, covered, for up to 3 days. Reheat on the stovetop before serving.