Heat a pan over medium heat. Add bacon, and cook until crisp. Remove bacon to a paper towel lined plate, reserving fat in the pan.
Increase heat to high. Add beef to the pan, and cook for 2 minutes on each side or until seared and caramelized. Add beef to the slow cooker.
Return heat to medium. Add garlic, diced onion, and carrots. Saute for 5 minutes or until translucent, while deglazing the bottom of the pan with a spatula.
Add bacon, onions, carrots, pearl onions, beef broth, red wine, thyme, salt, pepper, and bay leaf to the slow cooker. Cover, and cook for 4-5 hours on high or 8-10 hours on low.
30 minutes before serving, create a slurry by mixing cornstarch and water. Stir into sauce to thicken it. Remove bay leaf and thyme.
