Combine into a pitcher the tomato juice, orange juice, tequila, lime juice, agave, hot sauce, Worcestershire sauce, onion, chile, and pepper. Stir to combine, cover and refrigerate.
In a shallow bowl or plate, combine the smoked paprika and salt. Moisten the rim of the glass with a lime wedge, and dip into the paprika-salt mixture. Put ice into a glass, and pour the mixture over and garnish with a lime slice.
Heat 1 tablespoon canola oil in a medium saute pan over medium heat, then add the onion and cook, stirring occasionally, until golden brown and caramelized, about 25 minutes. Let cool before adding to the drink.
Recipe courtesy of Bobby Flay