In a frying pan over medium heat, saute' the bacon until browned and slightly crisp. Transfer to paper towels.
Pat the meat dry and season with salt and pepper. In a Dutch oven over medium-high heat, heat the oil. Working in batches to avoid crowding, add the beef and brown on all sides, 4-5 minutes per batch. Transfer the browned meat to a bowl and set aside.
Add the chopped onions and carrots to the pot and saute over medium-high heat until the onions are lightly browned about 4 minutes. Reduce the heat to low, sprinkle the flour on top, and cook, stirring constantly, until the flour is incorporated, 1-2 minutes.
Turn the crock pot onto high. Place bacon and meat, along with any juices, into the crockpot.
Add the Cognac, wine, stock, tomato paste, garlic, and bay leaf; season to taste with salt and pepper.
Cook on high in the crock pot for 2 hours, then turn the crockpot to low for another and cook for another 5 hours. Taste the roast and test the meat for softness. The meat should fall apart easily. Turn the crockpot to low.
Mushrooms: heat oil and butter in a medium to a large pan over medium-high heat. Note: the combination of olive oil and butter allows for cooking at a high temperature and more flavor. Add mushrooms, garlic, salt and pepper. Cook for 3-5 minutes before turning. Stir and allow the mushrooms to finish cooking for a couple more minutes—season with salt and pepper.
Add mushrooms to the crockpot and stir into the beef. When you are ready to plate the beef bourguignon, sprinkle parsley on top and serve with orzo or cream mashed potatoes. Serve with a medium to bold red wine.