Heat one tablespoon olive oil in a large pot over medium-high heat until shimmering. Add the bison meat and season with salt, pepper, and smoked paprika. Stir in the Worcestershire sauce.

Cook the meat until browned, about 8-10 minutes; then remove the bison from the pot and set aside. Do not fully clean the pot to preserve the fond (browned bits) for flavor but wipe up any excess fat with a paper towel (leave whatever clings to the bottom of the pot).

Melt the butter over medium-high heat in the same pot. Sauté the mushrooms, carrots, and garlic until they begin to soften, about 3-5 minutes.

Stir in the tomato paste. Reduce the heat to medium and continue to cook, stirring frequently, until the tomato paste has darkened, about 5-8 minutes.

Deglaze the pot with red wine, bringing it to a simmer and scraping up any browned bits from the bottom. Return the bison to the pot.

Sprinkle the flour over the pot's contents and stir until well combined. Gradually pour in the vegetable broth. Add the bundle of herbs and the bay leaves, and bring the mixture to a boil.

Reduce the heat to medium-low, cover the pot, and simmer for 30 minutes, stirring occasionally. Adjust seasoning with additional salt and pepper, to taste.

Remove the herb bundle and bay leaves. Add the thawed pearl onions and fresh parsley, and simmer uncovered for another 15 minutes, or until the onions are tender.

Serve the bison bourguignon on its own or atop mashed potatoes, egg noodles, or rice as preferred. Store any leftovers in an airtight container for up to 4 days. Enjoy!