Bring a large pot of water to a boil. Add 1 tablespoon salt and the pasta, cooking until al dente according to package directions, usually 9-11 minutes. Drain and rinse under cold water until completely cool, about 1 minute. Shake off excess water and set aside.

Heat 1 teaspoon olive oil in a small skillet over medium heat. Add the quartered pepperoni and cook, stirring occasionally, until the edges curl and turn crispy, about 4-5 minutes. Transfer to a paper towel-lined plate to drain and cool. Reserve 1 tablespoon of the rendered fat for the dressing if desired.

In a small bowl, whisk together the olive oil, red wine vinegar, oregano, garlic powder, and red pepper flakes if using. Season with 1/2 teaspoon salt and 1/4 teaspoon black pepper. For extra flavor, whisk in the reserved pepperoni fat.

In a large mixing bowl, combine the cooled pasta, crispy pepperoni, mozzarella pearls, cherry tomatoes, banana peppers, red onion, and torn basil. Pour the dressing over the top and toss thoroughly until everything is evenly coated.

Let the salad rest at room temperature for 20 minutes, or refrigerate for up to 4 hours to let the flavors meld. Taste and adjust seasoning with additional salt and pepper before serving. The salad is best the same day but keeps refrigerated for 2 days.