In Dutch oven, cook bacon for 5-10 minutes or until browned and crispy. Remove bacon from pan to a paper-towel-lined plate. Remove all but 1 Tbsp of the bacon fat from the pan.
Turn heat to low and add garlic to the bacon fat in the pan. Cook 2 minutes.
Turn heat up, and add broth, pasta, paprika, salt, and black pepper to the pan and bring almost to a boil. Lower heat to 3-4, cover, and cook 5 minutes.
Stir mixture and cover again, turning heat down to low.
Cover and cook 5 more minutes. Uncover and stir. (Macaroni should be done by this point and much of the liquid absorbed by the pasta.)
Turn heat off. Add butter, cheddar cheese, and cream cheese. Stir and cover for 5 minutes (with heat still off).
Uncover and stir until cheese is fully melted and blended. Add parmesan, cream/milk, and crumbled bacon. Stir until all is incorporated. Taste and add more salt if needed. Serve right away.