Preheat the oven to 375°F (190°C) and butter a 9x13 inch baking dish.
Cook the elbow macaroni according to package instructions in salted water until al dente.
Drain the macaroni and set aside.
In a saucepan, melt the butter over medium heat.
Whisk in the flour and cook for 1-2 minutes, until the mixture is smooth.
Gradually whisk in the milk and cook for 5-7 minutes, whisking constantly, until the mixture has thickened.
Add the shredded cheddar cheese and shredded pepper jack cheese, garlic powder, onion powder, smoked paprika, cayenne pepper, salt, and pepper, and stir until the cheese has melted and the mixture is smooth.
Add the cooked macaroni to the cheese sauce and stir to combine.
Pour the mac and cheese mixture into the prepared baking dish.
In a small bowl, mix together the panko breadcrumbs and olive oil, and sprinkle the mixture over the mac and cheese.
Bake for 20-25 minutes, until the breadcrumbs are golden brown and the cheese is bubbly.
Garnish with chopped fresh parsley and serve hot.
Notes
Leftovers can be repurposed into soups or salads.
This spicy mac and cheese is good to store in the refrigerator for up to five days or in the freezer for up to three months.
Add a splash of water or milk to keep the mac and cheese creamy when reheating to prevent it from drying out.