• Preheat your oven to 350°F. Take a large 3-quart or 4-quart baking dish and lightly grease it.
• Combine the shredded sharp cheddar and Gruyere cheeses in a large bowl.
• Cook your elbow macaroni according to the package instructions, but stop one minute before it's al dente. Drain the pasta and transfer it to a large bowl.
• Drizzle the olive oil over the pasta and toss it gently, ensuring every piece is coated.

Making the Cheese Sauce

• In a deep saucepan, melt the unsalted butter over medium heat. Whisk in the flour and cook for about 1 minute until it bubbles and turns golden.
• Gradually add in the milk and heavy cream, whisking until smooth.
• Continue whisking until bubbles appear on the surface. Keep cooking and whisking for an additional 2 minutes to thicken the sauce.
• Add salt and pepper for flavor.
• Add two cups of the cheese blend to the sauce, whisking until melted and smooth. Stir in the remaining cheese until the sauce is creamy.

Assembly and Baking

• Fold the cooled pasta into the cheese sauce until completely coated.
• Pour half of the mac and cheese into the greased baking dish. Top with the remaining two cups of shredded cheese, then layer the rest of the mac and cheese on top.
• In a small bowl, mix together the panko crumbs, Parmesan cheese, melted butter, and smoked paprika. Sprinkle this mixture evenly over the mac and cheese.
• Bake in the preheated oven for about 30 minutes, or until bubbly and golden brown on top. Serve immediately.