Whisk the eggs, ricotta cheese, and heavy cream in a large bowl until smooth. Add the panko and mix until smooth. Let stand for 10 minutes.

Add the garlic powder, crushed red pepper, shallots, and beef. Season all over with salt and pepper. Mix with your hands until well-combined. Fry or microwave a small pinch of the mixture so you can taste and adjust the seasonings as needed.

Form the meatballs into tablespoon-sized balls and set aside.

Heat the oil in a wide pot over medium heat. Once hot, add the meatballs in an even layer, being careful not to overcrowd the pot. Cook in batches for 3–5 minutes per side until browned all over. It’s ok if they aren’t cooked through! Transfer all of the meatballs to a plate and set aside.

Drain off excess fat but leave any browned fond stuck to the bottom as you’ll deglaze it with wine later.

Add 1 tablespoon olive oil to the pot and turn the heat to medium. Once hot, add the yellow onion and cook, stirring often, for 5–7 minutes until it begins to soften. Add the tomato paste and mash it into the onion as it cooks. Sizzle the paste for at least 4–5 minutes until it deepens in color and begins to stick to the bottom of the pot.

Add the red wine and bring to a boil. Stir constantly to lift any of the browned fond from the bottom of the pot.

Add the prepared sauce and bring to a low boil. Taste and season with salt, pepper, and sugar if needed.

Add the cooked meatballs to the sauce along with the basil sprigs and the parmesan rind, if using. Reduce heat to low. Cover and simmer for least 45 minutes until completely cooked through.

Serve with pasta, polenta, or as a meatball sub with extra fresh basil and grated parmesan on top.