Bring a large pot of salted water to a boil and preheat the oven to 350 degrees F.
Melt 2 tbsp butter in a microwave-safe dish. Stir the butter with the panko bread crumbs and set aside.
Melt the remaining 4 tbsp butter in a large saucepan over medium heat.
Blend in flour, salt, cayenne and black pepper, and dry mustard with a whisk to make a roux for a couple of minutes, whisking constantly. Slowly add the milk, and continue whisking until combined.
Cook until the mixture is thickened and smooth, stirring constantly. The sauce is done when it coats the back of a spoon, but easily drips off. Be patient with this process.
Add 3 cups of cheese, and whisk until blended.
Cook macaroni about half the time recommended on the package directions, you want the noodles to be very al dente so they don't get mushy. I do 4 minutes for the Barilla brand. *See notes. Drain well.
Add the drained pasta to the cheese sauce and stir until well blended.
Pour into a 9x13" pan sprayed with cooking spray.
Sprinkle with paprika and top with the remaining cheese and buttered panko. Bake for 15-20 minutes until bubbly and set. I like to turn up the heat to broil at the end for about a minute, (watch very closely so it doesn't burn!) to get the panko nice and lightly golden brown.