Set your oven to 350°F (175°C) and lightly grease a 9x13-inch baking dish.

Boil the elbow macaroni according to package directions until al dente. Drain and set aside.

Melt 1/2 stick of butter in a large saucepan over medium heat. Whisk in the flour and cook 1–2 minutes.

Gradually add milk and cream, whisking constantly until thickened (about 5–7 minutes).

Stir in smoked paprika, salt, and pepper.

Remove from heat and mix in shredded cheddar and Gruyère until smooth. Taste and adjust seasoning.

Stir the cooked macaroni into the cheese sauce. Pour into the prepared baking dish.

Melt the remaining 1/2 stick of butter and stir in panko breadcrumbs. Combine with Parmesan and sprinkle evenly over the macaroni.

Bake 20–25 minutes until bubbly and golden. For extra crunch, broil 2–3 minutes, watching closely.

Let sit for a few minutes before serving.