Line the bottom of a large casserole with slices of bacon. Peel potatoes and slice paper thin. Put a layer of potatoes on top of the bacon. Add a layer of onion slices. Season with salt and pepper. Sprinkle with basil and parsley.
Cut steak into serving-sized pieces. Add to casserole. Sprinkle with thyme. Add another layer of onions and then potatoes. Sprinkle again with salt and pepper. Lay bay leaf on top. Add wine and consommé in equal proportions to cover the vegetables. Dot with butter. Bring to a boil on top of the range, remove, cover, and braise in a 325-degree oven for about 1 hour. Reduce heat to 300 degrees and braise another 1½ hours. Discard bay leaf, sprinkle with parsley, and serve from the casserole.