Peel and thinly slice the onions.
Melt the butter in a stockpot. Add the onions, garlic, thyme, bay leaf, salt, and pepper. Cook over medium heat, stirring often, until the onions are soft and brown, about 30 minutes.
Add the undiluted beef consommé, beef broth, and red wine vinegar. Simmer for 30 minutes. Slow Cooker Option: after cooking the onions, transfer the soup to a slow cooker and cook on low for several hours.
When ready to serve, broil the baguette slices for about 2 minutes, turning once, until lightly toasted on both sides. Keep the broiler on.
Remove and discard the bay leaf and thyme stems. Ladle the soup into four broiler-safe serving bowls and place a slice of toast (or Parmesan croutons) on each serving.
Sprinkle the shredded Gruyère, Parmesan, and paprika over the bread.
Broil for about 5 minutes, watching carefully, until the cheese is golden brown and bubbly. Serve carefully, as the bowls will be hot.