In a small bowl, mix together the paprika, salt, pepper, garlic powder, onion powder, and thyme. Sprinkle onto each side of the Bison steaks, pressing in, so it adheres. Set aside.
Melt the butter in a skillet over medium-high heat. Add the shallots; cook and stir for about 1 minute. Add the mushrooms, and cook for a few more minutes, until tender. Stir in the red wine, and cook until most of the liquid has evaporated, then add Demi glacé . Remove from the heat and keep warm.
Heat the oil in a separate skillet over medium-high heat. Fry steaks for 3-5 minutes per side, or to your desired degree of doneness. Remove to a plate, and let rest for a few minutes. Slice bison, and top with mushrooms and sauce to serve.