Prepare your smoker. Lay a sheet of foil under the grill grates for easy clean up. Fill the hopper ¼ full with mesquite pellets. (We use a traeger)
Lay ribeyes onto a plate or cutting board. Brush both sides of ribeye with olive oil.
In a small bowl, combine chili powder, paprika, salt, and pepper. Generously season both sides of each ribeye. Rub the seasoning into the steak to help it adhere. Be sure to dip the sides of the steak into any spillover of seasonings. Let rest for 15 minutes as the smoker heats up. *This will allow the salt to absorb water out of the steak, which will dissolve as it smokes and be reabsorbed back into the meat, making it incredibly juicy and flavorful*
Preheat the smoker to 225F for 15 minutes with the lid closed.
Cut cold butter into tablespoons. Top each ribeye with 2-3 sprigs of thyme, 2 bay leafs, 2 garlic cloves, and 2 tbsp of butter.
Place ribeyes directly onto the grill grates in the center of the smoker. Smoke for 45 minutes, or until internal temperature has reached 120F. Remove ribeyes from the smoker and discard toppings. (Or save garlic to make a delicious smoked aioli) Increase the temperature to 450F and allow it to come to temp for 10 minutes as the steak rests.
Place ribeyes back onto the grill grates and sear for 1 minute per side. This will cook the steak to medium rare. Add 1 min per side for medium) Remove from heat and let rest for 10 minutes.
Slice and serve with your favorite veggies. Enjoy!
Keep in mind the steak will finish cooking as it rests and will raise about 5* in temp. Depending on the size and thickness of the steak time can vary slightly. For medium-rare, the internal temp should be 130-135. Medium is 135-145.