Preheat your oven to 375°F (190°C). Grease a 9x13 inch baking dish. Cook the elbow macaroni according to package directions until al dente. Drain and set aside.

In a large skillet or Dutch oven, melt 1/2 cup of butter over medium heat. Add the minced garlic and cook until fragrant, about 1 minute. Whisk in the flour and cook for another 2 minutes, stirring constantly. This creates the roux that will thicken your sauce.

Slowly whisk in the evaporated milk and whole milk until the mixture is smooth. Continue to cook, stirring frequently, for about 5-7 minutes, until the sauce has thickened. Remove from heat and stir in the salt, pepper, paprika, and cayenne pepper (if using).

Add the grated cheddar and Monterey Jack cheeses, along with 1/2 cup of the Parmesan cheese, to the sauce. Stir until all the cheese is melted and the sauce is smooth and velvety.

Pour the cheese sauce over the cooked macaroni and stir until every noodle is well-coated. Transfer the mixture to your prepared baking dish. In a small bowl, mix the panko breadcrumbs with the remaining 1/2 cup of Parmesan cheese. Sprinkle this mixture evenly over the top of the mac and cheese.

Bake for 25-30 minutes, or until the top is golden brown and the sauce is bubbly. Let it rest for 10-15 minutes before serving to allow the sauce to set.