BLT Bread Salad

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1/4 cup thinly sliced red onion

6 ounces thinly sliced pancetta

1/4 cup extra-virgin olive oil

1/2 loaf crusty Italian bread, cut into 1-inch cubes (about 5 cups)

Kosher salt and freshly ground pepper

2 pounds mixed heirloom tomatoes, cut into 1 1/4-inch chunks

3 cups baby arugula

1 cup fresh basil leaves, roughly chopped

1/4 cup pitted kalamata olives, chopped

2 tablespoons red wine vinegar

2 ounces ricotta salata cheese, shaved