Preheat oven to 350°F.
Cook the elbow noodles according to package directions. Drain and set aside.
In a large bowl, combine the cheddar cheese soup, milk, cream cheese, and shredded Colby Jack. Stir until smooth and well combined. Season with salt and pepper.
Add the cooked noodles and stir to coat everything evenly.
Pour into a greased 13x9 baking dish. Top with extra shredded cheese and panko if using.
Cover with foil and bake at 350°F for 50 minutes. Remove foil for the last 10 minutes if you want a golden top.