Preheat oven to 325 degrees F. In a large bowl, combine beef, pork, parsley, oregano, fennel, red pepper flakes, allspice, and a pinch of salt and pepper. Mix together lightly with your hands.
In a separate bowl, mix together torn (cubed) bread, ricotta, milk, and eggs. Mash together mixture then work it into the meat mixture until everything is well combined. Mixture will be loose, but should roughly hold its shape if formed into a ball.
In a large dutch oven, heat 3 tablespoons olive oil over medium heat. Form heaping spoonfuls of the meatball mixture and gently roll them into balls. It’s okay if they are loose. Add the meatballs to the hot Dutch oven and sear them for 3-4 minutes per side until they are well-seared. Work in batches. It will take probably 3 batches to sear all the meatballs. If at any point the pot looks dry, add more olive oil.
When meatballs are all seared, add water to the Dutch oven and use the liquid to scrape up any bits stuck to the pan. Then add tomatoes and red wine. Bring mixture to a slight simmer.
Add all seared meatballs back into the Dutch oven. They should be mostly covered by the liquid. Cover the Dutch oven and transfer it to a 325 degrees F. oven. Braise for 90 minutes.
Serve braised meatballs over pasta or with big pieces of crusty bread. They would also make a perfect meatball sub sandwich.