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Preheat oven to 350F. Lightly grease a large 3 qt or 4 qt baking dish and set aside.Combine shredded cheeses in a large bowl and set aside.
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Cook the pasta one minute shy of al dente according to the package instructions. Remove from heat, drain, and place in a large bowl.
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Drizzle pasta with olive oil and stir to coat pasta. Set aside to cool while preparing cheese sauce.
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Melt butter in a deep saucepan, dutch oven, or stock pot.
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Whisk in flour over medium heat and continue whisking for about 1 minute until bubbly and golden.
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Gradually whisk in the milk and heavy cream until nice and smooth. Continue whisking until you see bubbles on the surface and then continue cooking and whisking for another 2 minutes. Whisk in salt and pepper.
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Add two cups of shredded cheese and whisk until smooth. Add another two cups of shredded cheese and continue whisking until creamy and smooth. Sauce should be nice and thick.
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Stir in the cooled pasta until combined and pasta is fully coated with the cheese sauce.
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Pour half of the mac and cheese into the prepared baking dish. Top with remaining 2 cups of shredded cheese and then the remaining mac and cheese.
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In a small bowl, combine panko crumbs, Parmesan cheese, melted butter and paprika. Sprinkle over the top and bake until bubbly and golden brown, about 30 minutes. Serve immediately.
Calories: 642kcal | Carbohydrates: 40g | Protein: 26g | Fat: 41g | Saturated Fat: 24g | Cholesterol: 125mg | Sodium: 550mg | Potassium: 256mg | Fiber: 1g | Sugar: 4g | Vitamin A: 1325IU | Vitamin C: 0.1mg | Calcium: 650mg | Iron: 1.4mg