Heat the oven to 350°F with a rack in the lower-middle position. In a Dutch oven over medium, combine the oil, pancetta and onion. Cook over medium, stirring occasionally, until the onion is lightly browned, 4 to 5 minutes. Add the tomato paste and cook, stirring, until it starts to darken and stick to the bottom of the pot, 1 to 2 minutes. Add the wine and cook, scraping up any browned bits, until reduced by half, about 1 minute. Stir in the beef, tomatoes with juices, ½ cup water, ½ teaspoon each salt and pepper. Bring to a simmer over medium-high, cover, transfer to the oven and cook for 2 hours.

Remove the pot from the oven, uncover and stir, scraping the sides of the pot. Return to the oven uncovered and cook until a skewer inserted into a piece of beef meets no resistance, about 30 minutes. Remove from the oven. If desired, skim off and discard some of the fat from the surface, but leave some for flavor. Cover to keep warm while you cook the pasta.

In a large pot, bring 4 quarts water to boil. Add the pasta and 1 tablespoon salt; cook, stirring occasionally, until al dente. Reserve ½ cup of the cooking water, then drain the pasta.

Add the pasta to the ragù and cook over medium, stirring, until the pasta is well coated in sauce and everything is heated through; if it looks dry, stir in reserved cooking water as needed. Off heat, stir in the basil and cheese, then taste and season with salt and pepper. Serve with additional cheese.