Crush saffron lightly between your fingers and steep in 1/4 cup hot broth for 10 minutes. Keep the remaining broth warm.
Heat oil in a deep 12-inch skillet over medium-high heat. Brown beef and onion for 8 to 10 minutes, breaking the beef into crumbles and cooking to 160°F; drain excess fat if needed.
Stir in garlic and smoked paprika for 30 seconds, then add rice and stir for 1 minute.
Add tomato puree, all the broth including the saffron infusion, peppers, olives, black pepper and salt. Bring to a simmer and spread rice into an even layer.
Cover tightly, reduce heat to low and cook for 22 to 25 minutes until the rice is tender and the liquid is absorbed. If rice is firm and the skillet is dry, add 2 tablespoons water and cook covered for 3 minutes more.
Remove from heat and rest covered for 8 minutes. Fold gently from the skillet edges to loosen the rice and divide among four bowls.