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Heat oven to 350ºF. Combine rub ingredients in small bowl; reserve 2 tablespoons for au jus. Press remaining rub evenly onto all surfaces of beef roast.
Place roast, fat side up, in shallow roasting pan. Insert ovenproof meat thermometer so tip is centered in thickest part of beef, not resting in fat or touching bone. Do not add water or cover. Roast in 350ºF oven 2-1/4 to 2-1/2 hours for medium rare; 2-3/4 to 3 hours for medium doneness.
Remove roast when meat thermometer registers 135ºF for medium rare; 150ºF for medium. Transfer roast to carving board; tent loosely with aluminum foil. Let stand 15 to 20 minutes. (Temperature will continue to rise about 10ºF to reach 145ºF for medium rare; 160ºF for medium.)
Combine broth and reserved rub in small saucepan; bring to a boil. Reduce heat; simmer 5 minutes. Stir in thyme; continue simmering 2 minutes.
Carve roast into slices. Season with salt, as desired. Serve with au jus.