Pre-heat oven to 375 degrees.
Spray a 9 x 13-inch baking dish with cooking spray, set aside.
Cook pasta according to package, reduce cooking time by 4 minutes.
In a medium pot, over medium heat, melt butter. Add in the flour and whisk for about 2-3 minutes.
Increase heat to medium-high, add the milk, continue to whisk until mixture becomes thick and bubbly. The mixture should be able to coat a spoon when thick enough.
Add the cheddar cheese, Colby cheese, Parmesan cheese, Dijon mustard, smoked paprika, and season with salt and pepper to taste. Combine until smooth.
In the baking dish, combine the cooked pasta and the cheese mixture.
Sprinkle the top with the Panko breadcrumbs.
Cover with aluminum foil and bake for 15 - 20 minutes. Remove aluminum foil and continue to bake about 5-10 minutes. Ready to serve.