1. Preheat the oven to 400F (204C) and grease a 2 quart (8 cups size) casserole dish.
2. Cook the pasta according to the package directions (leaving it al dente), drain, and set aside.
3. In a small bowl, combine the Parmesan cheese, bread crumbs, and butter.
4. In a large bowl, whisk together the evaporated milk, eggs, garlic powder, nutmeg and cayenne.
5. Stir in the pasta, chedar, Monterey Jack, bacon and peas. Pour evenly into a casserole dish and sprinkle with the Parmesan cheese mixture.
6. Bake uncovered for 30 to 40 minutes until the edges are bubbly and the top is golden brown. Let rest for 10 minutes before serving.