Preheat the oven to 350°F. Coat the inside of a 2-quart baking dish with the olive oil and set aside.
Cook the macaroni al dente according to package directions. Drain the pasta, put the pasta into the oiled baking dish and set aside.
In a medium size saucepan melt the butter over medium heat and add the flour, paprika, salt, and pepper. Stir until combined and cook while stirring for 10 seconds. Add the milk and cream cheese to the pot and keep stirring until the cream cheese has completely melted and mixture has thickened, about 5 minutes. Stir in the shredded cheddar a little at a time until melted and thoroughly combined.
Pour the cheese sauce in the baking dish over top of the cooked macaroni. Mix the breadcrumbs and Parmesan in a bowl and sprinkle over the macaroni and cheese. Bake in the preheated oven until browned and browned on top, about 30 minutes.
