Preheat broiler to high or oven to 400°F.
Place a large pot of water over high heat and bring it up to a boil to cook the pasta. Once at a boil, add pasta and salt the water, cook to just shy of al dente.
Heat a large pot over medium heat with EVOO and butter. When butter melts, add the onions, garlic, salt and pepper, and cook until softened, about 5 minutes, stir in paprika. Add the flour and cook a minute more. Whisk in milk and hot sauce, and bring up to a bubble, thicken a minute or 2. Turn off the heat, and stir in half of the cheese in a figure-eight motion until melted.