Grab a big mixing bowl and combine your ground beef, panko breadcrumbs, grated cheddar, onion, garlic, egg, fresh parsley, salt, and pepper. Mix with your hands until just combined — don't overwork it or the meatballs get tough and dense. You're looking for about 30 seconds of mixing, max.
Roll the mixture into 24 meatballs (about the size of a walnut). I use a small ice cream scoop, which sounds silly but honestly saves so much time and makes them all the same size so they cook evenly. Honestly, some mine always end up slightly wonky and that's totally fine.
Line two baking sheets with parchment paper and brush lightly with olive oil. Arrange 12 meatballs on each sheet, leaving about an inch of space between them. This keeps them from steaming — you want them to actually brown.
Pop the first batch into a preheated 400°F oven and bake for about 12-14 minutes. You'll know they're done when they're golden brown on the outside and a meat thermometer hits 160°F inside. Don't panic if they look a little soft right out of the oven — they firm up fast as they cool.
While the first batch bakes, whisk together your ketchup, honey, and smoked paprika in a small bowl. This glaze is where all the magic happens for your beef cocktail meatballs family. The smoky paprika makes it taste way more complex than it actually is.
When the first batch comes out, brush that glaze onto the warm meatballs right away. Let them sit for about 2 minutes so the glaze gets sticky and glossy. Then pop the second batch in the oven at 400°F for 12-14 minutes.
While batch two cooks, glaze the first batch one more time. This double-glaze trick is what gives them that restaurant look, trust me on this. When batch two comes out, glaze those too and arrange everything on a serving platter.