In a medium bowl, using your hands, combine the ground beef, half of the onion, egg Parmesan, oats, Dijon, paprika and salt. Once the mixture is evenly distributed, form small 1 inch meatballs.
*(At this point, you can store the raw meatballs in the refrigerator for up to 2 days to make the soup at a later time.)
Once all of meatballs are formed, heat the olive oil over medium-high heat in your Dutch Oven. Place the meatballs in the kettle so all of them are touching the bottom. Allow to cook for 1 minute and turn. Cook and additional minute and add the remaining onion, red peppers and cherry tomatoes. Give everything a gentle stir and cook for 2 more minutes until the vegetables are slightly translucent.
Add the chicken broth and pasta sauce and simmer for 20 minutes. Add the chopped basil and cook for 2-3 more minutes. Serve immediately.