Preheat the oven to 325℉.
Season all sides of your short ribs with 1 teaspoon salt and black pepper. Add the flour to a shallow bowl or large plate and coat each short rib in the flour, shaking off any excess.
Heat the oil in a medium Dutch oven or heavy-bottomed oven-safe pot set over medium-high heat. Working in batches to avoid overcrowding, brown the short ribs on all sides until golden brown, about 2 minutes per side. Transfer the browned short ribs to a plate and continue cooking until all are browned. Set aside. Drain off the fat and wipe down the skillet.
Reduce the heat to medium. Add the diced pancetta and cook, stirring occasionally, until it begins to crisp, about 2 minutes.
Add the onions, carrots, celery, garlic, 1 teaspoon salt, and 1/2 teaspoon pepper. Sauté until tender, about 3 minutes. Add the smoked paprika, cayenne pepper, Dijon mustard, and tomato paste, stirring to combine.
Add the red wine and beef broth and stir to combine. Nestle your short ribs back into the sauce and bring the mixture to a simmer. Bundle your rosemary and thyme with the kitchen twine and add that and the bay leaf into the pot.
Cover the Dutch oven, transfer to the preheated oven, and cook for about 2 hours or until the short ribs are fall-apart tender.