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Preheat Oven: Preheat oven to 375°F (190°C).
Cook Macaroni: Cook elbow macaroni until al dente and drain well.
Make Cheese Sauce: In a saucepan over medium heat, combine ½ cup milk and Velveeta until completely melted and combined.
Combine Macaroni and Cheese Sauce: Pour cheese sauce over macaroni and stir to combine.
Prepare Topping: In a mixing bowl, combine eggs, butter, garlic powder, paprika, salt, pepper, and 1 cup of each shredded cheese.
Assemble Casserole: Pour macaroni and cheese mixture into a well-greased 9×13-inch baking dish. Top with the remaining 1 cup of each shredded cheese and sprinkle with panko bread crumbs.
Bake: Bake for 25 minutes, or until bubbly and golden brown.