Remove steaks from refrigerator 30 minutes prior to cooking, to allow to ocme to room temperature. Season steaks on both sides with Traeger Prime Rib Rub.
When ready to cook, start the Traeger on Smoke with the lid open until the fire is established (4-5 minutes). Increase temperature 350 degrees F and allow to preheat, lid closed, for 10 to 15 minutes.
Put the chopped bacon in a cast iron pan and place on the hot grill grate. Cook the bacon for 10 to 15 minutes, or until the fat has rendered.
Remove the bacon from the pan and drain out all but 1 tablespoon of the bacon grease from the pan.
Add the onions into the cast iron pan and cook on the Traeger for about 10 minutes, or until the onions have softened. Next add brown sugar; cook for about 15 to 20 minutes more to allow the onions to caramelize.
Add in the coffee, apple juice or water, and cooked bacon and continue to cook, stirring occasionally, until the onions really thick and "jammy" - about 20 more minutes.
Stir in the balsamic vinegar and spoon into a bowl and set aside. (Keep the leftover bacon-onion jam in the fridge. This bacon-onion jam really tastes best at room temperature so always let it come to room temp before enjoying.)
Turn the heat on the Traeger up to High and preheat for 10 to 15 minutes with the lid closed.
Lightly drizzle the steaks with olive oil and cook them on the Traeger for about 4 to 5 minutes on each side, for medium-rare, or until they reach your desired doneness.
After they're done, remove them from the grill and let rest for about 10 minutes before slicing.
Top each steak with the bacon-onion jam and you've got some serious money right there. Enjoy!