Tri-tip is a religion in my neck of the woods. I've done hot and fast and I've also done low and slow then finish it by searing it a couple minutes on both sides. The key to good tri tip is not letting it go past 130 before you pull it off. The other essential step is knowing how to slice it, the muscle grain goes in two different directions and you need to cut it right.... I've had a lot of chewy tri tip due to others not knowing this.
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If you follow those two steps you can try anything recipe wise. I've marinated it in red wine, I've had it where someone soaked it in coke over night...tons of good ways to play with it.
The most common way done in Central California is a salt, pepper, and garlic based rub cooked over an open oak fire. Garlic bread and pinquito beans are traditional sides.