Bring a large pot of salted water to a boil and cook the macaroni according to package instructions. Drain and set aside.
In a large saucepan, melt butter over medium heat. Stir in the flour and cook for 1-2 minutes, stirring constantly. Gradually whisk in the milk and heavy cream, continuing to whisk until the sauce thickens.
Lower the heat and slowly add the cheddar, mozzarella, gouda, parmesan, and Monterey Jack cheeses, stirring until fully melted. Season with salt, black pepper, garlic powder, and smoked paprika.
Mix the cooked pasta into the cheese sauce until well coated. For a baked version, transfer to a greased baking dish, sprinkle with panko breadcrumbs, and broil for 2-3 minutes until golden brown.