Trim off any loose or hard pieces of fat from the roast. If there is a thin membrane lifting on the surface, peel or trim it away.
If you want a cleaner presentation, trim the meat away from the tips of the bones by cutting down between each bone about 2 inches, then removing the meat around the bone ends. This step is optional.
Carefully cut the rack of bones away from the roast, keeping it in one piece. Pull the bones back slightly as you cut toward them so the roast stays manageable. This makes carving easier later and helps the roast cook more evenly, but it is optional. Tie the bones back onto the roast with butcher’s twine, using one knot between each bone to hold everything in place.
Season the roast and bones evenly with kosher salt. Place uncovered in the refrigerator and dry brine for at least 6 hours, preferably overnight.
Preheat your pellet grill or smoker to 225°F. Use oak, hickory, cherry, or a mild pellet blend.
Combine all rub ingredients, reserving about 1 tablespoon for the compound butter. Season the roast evenly, using less salt than usual since the meat has already been dry brined.
Mix the softened butter with the herbs and remaining rub until fully combined. Coat the roast evenly on all sides.
Insert a probe thermometer into the center of the roast, avoiding bone. Place the roast on the smoker and cook at 225°F for 1 hour. Then increase the smoker temperature by 25°F every 30 minutes until the internal temperature reaches 125°F. Do not exceed 350°F.
Remove the roast from the smoker and rest for at least 15 minutes. Remove the twine, separate the bones, and slice into ½-inch slices against the grain.