Start by placing your saucepan over medium heat. Pour in the ketchup and water. Use a whisk to combine them until the mixture is smooth. This creates the body of your sauce.

Pour in the apple cider vinegar and red wine vinegar. These provide the sharp "zing" that cuts through fatty meats. Whisk gently to make sure everything stays well-blended.

Stir in the molasses and dark brown sugar. These ingredients give the sauce its beautiful dark color. They also help the sauce caramelize beautifully on the grill later.

Add the onion powder, garlic powder, and smoked paprika. Stir in the salt and black pepper. These dry spices add layers of flavor that develop as the sauce heats up.

Carefully stir in the minced chipotle peppers in adobo sauce. These peppers provide the signature Bobby Flay smokiness. Use more if you love spice, or less for a milder version.

Turn the heat down to low. Let the sauce simmer uncovered for about 20 to 30 minutes. Stir it occasionally so the bottom does not burn. The sauce should thicken slightly.

If you like a very smooth texture, use a blender. Be careful when blending hot liquids. This step ensures the bits of pepper are fully integrated into the sauce.

Remove the pan from the heat. Let the sauce cool down to room temperature. The flavors will continue to meld and deepen as it cools. Your masterpiece is now ready.