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In a large pot of salted boiling water, cook pasta for 1 minute less than the package suggestion for al dente (about 8 minutes). Drain and toss with a drizzle of olive oil to prevent sticking.
While the pasta boils, melt butter in a large Dutch oven (about 6-7 quarts) over medium heat. Add flour; cook, whisking constantly, for 1 minute. Very gradually, whisk in the milk and half-and-half. Bring to a boil over medium heat, whisking constantly. Remove from the heat.
Transfer to the prepared baking dish. Sprinkle remaining 1 ½ cups of grated cheddar on top. Bake for 15 minutes, or until cheese is melted on top and the sauce is bubbly.
For a crispier, browner top, pop the dish under the broiler for 2-5 minutes.
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