Cook macaroni in boiling salted water until al dente (about 7 minutes). Drain and set aside.
In a saucepan, melt butter over medium heat. Whisk in flour until smooth and cook for 1 minute.
Gradually add milk while whisking. Stir continuously until the mixture thickens (about 5 minutes).
Add salt, black pepper, and paprika. Stir well.
Remove the saucepan from heat. Stir in cheddar and Parmesan cheeses until fully melted and smooth.
Toss the cooked macaroni in the cheese sauce until evenly coated.
Transfer the mixture to a greased baking dish.
Mix breadcrumbs with olive oil and sprinkle evenly over the macaroni.
Bake at 375°F (190°C) for 20 minutes or until the top is golden and crispy.
Serve hot with a sprinkle of extra Parmesan.