Preheat your oven to 350°F. Bring a large pot of generously salted water to a boil. Cook the elbow macaroni until just shy of al dente — about 1 minute less than the package directions. Drain the pasta but do not rinse it.
In a large pot over medium heat, melt the butter. Once it's foaming, whisk in the flour and cook for 1-2 minutes, stirring constantly, until the mixture turns a light golden color and smells slightly nutty.
Slowly pour in the milk and heavy cream, about a half cup at a time, whisking continuously after each addition. Add the paprika, salt, and pepper. Continue whisking over medium heat for 3-4 minutes until the sauce thickens enough to coat the back of a spoon.
Reduce the heat to low. Add the cheeses one type at a time, stirring after each addition until fully melted: American cheese first, then mild cheddar, sharp cheddar, Parmesan, and finally Romano. Keep stirring until the sauce is completely smooth and glossy.
Add the drained pasta to the cheese sauce and fold gently until every noodle is completely coated. Transfer to a greased 9x13 inch baking dish. Sprinkle the remaining shredded cheddar and grated Parmesan over the top.
Bake at 350°F for 15 minutes until heated through and the edges start to bubble. Switch to broil and cook for 2-3 minutes until the cheese topping is golden brown and bubbly. Let rest for 5 minutes before serving.
