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Preheat oven to 400°F. Cook macaroni in large saucepan as directed on package for al dente pasta. Rinse under cold water; drain well.
Melt butter in same saucepan on medium heat. Sprinkle with flour and seasonings. Cook and stir 2 minutes or until well blended. Gradually stir in milk until smooth. Stirring constantly, cook 3 minutes or until sauce starts to thicken. Stir in cheese until melted and smooth. Remove from heat. Add macaroni; toss gently to coat. Pour into greased 13x9-inch baking dish. Mix panko and paprika; sprinkle evenly over top.
Bake 25 to 30 minutes or until bubbly and golden brown on top. Let stand 5 minutes before serving.