Preheat the oven to 375°F and set a 9x13 inch baking dish aside.
Bring a large pot of salted water to a rolling boil.
Add 1 pound elbow macaroni and cook until al dente according to package directions, then drain and set aside.
In a large saucepan over medium heat, melt 0.5 cup unsalted butter.
Sprinkle in 0.5 cup all-purpose flour and whisk constantly for 1–2 minutes to form a roux.
Slowly whisk in 4 cups whole milk, a little at a time, until the sauce is smooth and lump-free.
Continue cooking, stirring frequently, until the sauce thickens enough to coat the back of a spoon (about 5–7 minutes).
Remove from heat and stir in 4 cups shredded sharp cheddar cheese and 2 cups shredded Monterey Jack cheese until fully melted.
Season the cheese sauce with 1 teaspoon salt, 0.5 teaspoon black pepper, and a pinch of ground nutmeg.
Add the drained macaroni to the cheese sauce and stir gently until all noodles are coated.
Transfer the macaroni and cheese mixture to the prepared baking dish.
If desired, sprinkle 0.5 cup Panko breadcrumbs evenly over the top.
Bake for 25–30 minutes, or until bubbly around the edges and the top is golden brown and slightly crispy.
Remove from the oven and let rest for 5–10 minutes before serving.