Preheat your oven to 375°F (190°C).
Cook the macaroni according to package instructions until al dente, then drain and set aside.
In a large saucepan, heat the heavy cream and milk over medium heat until warm. Gradually add the cheddar and Parmesan cheeses, stirring until fully melted and smooth.
Stir in the smoked paprika, salt, and pepper.
Add the cooked macaroni, crumbled bacon, and diced roasted red peppers to the sauce, stirring to combine everything evenly.
Transfer the mixture to a greased baking dish.
Melt the butter and mix it with the breadcrumbs. Sprinkle this mixture over the top of the macaroni.
Bake in the oven for 20-25 minutes, or until the top is golden and crispy.
Garnish with fresh parsley before serving.