Preheat oven to 375. Butter a 9x12 baking dish, set aside.
Cook pasta to al dente, according to package instructions. Set aside until needed.
In a medium-sized saucepot over medium heat, melt four tablespoons of butter. Add the flour into the butter and whisk together. Continue to cook and whisk for 2-3 minutes while making sure it doesn't burn. This is your roux.
Gradually pour the milk into the flour mixture while whisking. This needs to be done slowly to keep the sauce from being lumpy.
Once all milk is added, add the half and half, paprika, salt, pepper. Whisk to combine.
Add the cream cheese and whisk until its completely blended in, then add in the grated Romano cheese.
After the other cheese has been blended completely, add in the shredded cheddar 1/3 at a time. Keep whisking until each addition is blended into the sauce.
Make sure the cheese is fully incorporated before adding more. Continue this until all cheese has been added. Add 1-2 tablespoons of truffle oil depending on how prominent you want the truffle oil flavor to be. Whisk until fully incorporated.
Add the red pepper and half of the parsley.
Add the cooked pasta and stir to fully coat pasta with cheese sauce.
Pour noodles into the prepared baking dish. Top with panko breadcrumbs. Drizzle remaining truffle oil over the breadcrumbs.
Bake in the oven for about 35 minutes, until breadcrumbs are golden.
Remove from oven and allow to sit for about five minutes before serving.