Thinly slice onions, set aside. Spread the olive oil onto the flank steak. Sprinkle on minced garlic, salt, pepper, and thyme on top. Slice mushrooms, set aside.
Place flank steak in slow cooker and spread mushrooms and onions around the edge of the steak. Break up butter and place around mushrooms. Pour beef broth over steak.
Cook for 8-10 hours on low. When the steak is fully cooked, place the steak, mushrooms, and onions on a dish. Set aside. Remove 1⁄2 cup liquid from the slow cooker and pour into a small bowl. Whisk together cornstarch and liquid, along with a dash of cayenne pepper (if desired).
Whisk into slow cooker to create gravy. Repeat if needed for a thicker gravy. Place steak, mushrooms, and onions back into slow cooker if desired or pour gravy onto dish with the steak.