Prepare the Dried Mushrooms: Place the dried mushrooms in a small bowl and pour ½ cup of just-boiled water over them. Let them soak for 10-15 minutes until they are rehydrated. Once softened, chop the mushrooms finely, reserving the soaking liquid for later use.

Cook the Pancetta and Meat: In a large pot or Dutch oven, heat 2 tablespoons of olive oil over medium heat. Add the diced pancetta (or bacon) and cook until it begins to render and turn crispy, about 4-5 minutes. Add the ground beef and Italian sausage to the pot. Cook, breaking up the meat with a spoon, until browned and fully cooked through. Drain any excess fat if needed.

Sauté the Vegetables: Add the finely diced onion, carrots, celery, garlic, and a pinch of red pepper flakes to the pot. Cook the vegetables with the meat for 5-7 minutes, or until softened and fragrant.

Deglaze and Add Tomatoes: Pour in the white wine (or balsamic vinegar), stirring to deglaze the pan and scrape up any browned bits from the bottom. Let the wine simmer for 3-4 minutes until it has reduced by half. Add the diced tomatoes, tomato puree, chopped mushrooms, and the reserved mushroom soaking liquid to the pot. Stir well to combine.

Season and Simmer: Add the bay leaves, oregano (or Italian seasoning), and season with salt and pepper to taste. Heat the sauce until it begins to simmer, then lower the heat to a gentle simmer. Cover and let the sauce cook for 1-2 hours, stirring occasionally to prevent sticking. The extended simmering time enhances the flavor's richness and depth.

Finish the Sauce: Once the sauce has thickened and developed deep flavors, stir in the heavy cream and grated Parmesan cheese. Simmer for an additional 5 minutes. Modify the seasoning as needed, and be sure to take out the bay leaves prior to serving.

Cook the Fettuccine: While the sauce is simmering, cook the fettuccine according to the package instructions in salted boiling water. Strain the pasta while saving a cup of the cooking water.

Serve: Toss the cooked fettuccine with the Bolognese sauce, adding a little of the reserved pasta water if the sauce needs thinning. Serve with extra grated Parmesan cheese and fresh basil or parsley, if desired.