Preheat the oven to 350° Fahrenheit. Lightly spray a 9 by 13-inch baking dish with nonstick spray.

Cook the macaroni in a large pot of salted water according to the package instructions until it’s al dente. Drain it and set it aside.

In a large saucepan, melt 0.5 stick (4 tablespoons) of butter over medium heat. Whisk in flour and cook for 1-2 minutes. Gradually add milk and cream, whisking constantly until thickened, about 5-7 minutes. Stir in smoked paprika, salt, and pepper.

Remove the saucepan from heat. Stir in the shredded sharp cheddar and Gruyère cheeses until fully melted and smooth. Season to taste with salt and pepper.

Add the cooked macaroni to the cheese sauce and stir until well combined. Pour the macaroni and cheese mixture into the prepared casserole dish.

In a small saucepan, melt the remaining 0.5 stick (4 tablespoons) of butter. Once melted, mix in the panko breadcrumbs until they are well coated. Remove from heat.

In a small bowl, combine the buttered panko breadcrumbs and grated Parmesan cheese.

Sprinkle the breadcrumb mixture evenly over the macaroni and cheese.

Bake in the preheated oven for 20-25 minutes, or until the top is golden brown and the sauce is bubbling around the edges.

Remove from the oven and let it sit for a few minutes before serving.