Trim meat, and cut into 1-inch cubes. Sprinkle with salt and pepper. Heat oil in a large, heavy pot over medium-high heat. Add trimmed meat, and cook 5 minutes or until browned on all sides.
Add pancetta, and cook 5 minutes or until golden brown. Reduce heat to medium-low, and add garlic and next 5 ingredients. Cook 5 to 7 minutes or until vegetables are tender. Stir in mushrooms and tomato paste. Cook 5 minutes, stirring occasionally and allowing mixture to caramelize on the bottom of the pot.
Add wine, stirring to loosen browned bits from bottom of pot. Cook over medium-high heat 7 minutes or until wine is almost evaporated.
Stir in chopped tomato and broth. Bring mixture to a simmer over medium-low heat. Simmer 2 to 3 hours or until meat is tender; remove bay leaf. Skim excess oil from top of ragù. Press down on ragù with a potato masher or spatula to break up large pieces. Serve over hot cooked pappardelle; sprinkle with fresh Parmesan cheese.