Heat up vegetable broth in a sauce pot until the broth is simmering. The broth should be hot when you add it to the risotto.
In a large pot over medium - high heat, add the olive oil, onion, thyme and garlic to a pot. Cook for 2 - 3 minutes, Then add in 1 cup of radicchio. Cook for 1 - 2 more minutes.
Add in arborio rice and deglaze the hot pan with red wine and let it reduce.
Slowly ladle hot vegetable broth into the risotto, stirring until the liquid gets absorbed by the rice, repeat until rice is al dente.
Once al dente, mix in the remaining radicchio, Pecorino, and ⅔ of the Asiago cheese, reserving some Asiago cheese for garnish. Let the rice finish cooking, adding more broth if necessary. Taste for salt and pepper. Remove from heat.
Pour into a bowl and garnish with reserved Asiago cheese, aged balsamic, and cracked black pepper.