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1
Preheat oven to 350 degrees F (175 degrees C). Grease a 9x13-inch glass baking dish.
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2
Bring a large pot of lightly salted water to a boil. Cook elbow macaroni in the boiling water, stirring occasionally, until tender yet firm to the bite, about 8 minutes. Drain.
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3
Heat 2 tablespoons butter and olive oil in a large saucepan over medium heat. Cook and stir shallot and garlic until slightly softened, about 3 minutes. Stir in flour; cook until flour turns a pale tan color, about 2 minutes. Stir in evaporated milk and 2% milk; cook over low heat until sauce thickens, about 5 minutes.
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4
Stir Cheddar cheese, fontina cheese, Monterey Jack cheese, and Parmesan cheese into the sauce until melted and smooth.
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5
Mix sour cream, eggs, mustard, Worcestershire sauce, and hot sauce together in a bowl. Stir in 1/2 cup sauce until well blended. Pour sour cream mixture into the saucepan. Stir in macaroni, liquid smoke, oregano, salt, and pepper.
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6
Spread macaroni and sauce in the prepared baking dish.
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7
Heat remaining 1/4 butter in a microwave-safe bowl until melted, about 30 seconds. Stir in bread crumbs; sprinkle over macaroni and sauce.
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8
Bake in the preheated oven until top is golden brown and bubbly, 45 minutes to 1 hour. Let cool for 15 minutes before serving.