Bring the cola, soy sauce, vinegar, honey and 1 tablespoon salt to a simmer in a saucepan over medium heat. Cook, stirring, until reduced to 1 cup, about 12 minutes. Remove from the heat and stir in the chipotles, paprika and onion powder; let cool completely.
Trim the excess fat from the beef and slice on an angle into 1/4-inch-thick strips. Combine the strips and cola mixture in a resealable plastic bag and shake to coat. Press the air out of the bag, seal and let marinate in the refrigerator at least 24 hours and up to 3 days.
Position a rack in the center of the oven; line the bottom of the oven with foil. Drain the meat, discarding the marinade. Stick a toothpick through the end of each strip of meat. Starting at the back of the oven and working forward, arrange each piece of meat between the grates of the oven rack so the toothpicks rest on the grates and the meat dangles below (do not let the meat touch the rack). Alternately, cook the beef in a dehydrator according to the manufacturer's instructions.
Heat the oven to 200 degrees F. Bake until the jerky is dry but still bendable, 2 to 3 hours. Carefully remove from the oven and remove the toothpicks. Let cool completely. Refrigerate in an airtight container for up to 2 weeks.
Photograph by Lisa Shin
Recipe courtesy Food Network Magazine