Cook pasta according to package directions to al dente.
Heat medium skillet to medium high and add bacon and mushrooms. Allow to cook for 8-10 minutes, stirring occasionally, until mushrooms begin to brown and bacon is crispy.
In separate saucepan, whisk together flour, salt, pepper, paprika and milk until combined. Heat over medium-high heat until just below a boil, reduce heat to low and stir for 1-2 minutes until thickened. Remove from heat and stir in cheese until melted and combined.
Combine pasta, mushrooms, bacon and sauce in a large bowl and toss to combine. Portion into 2 bowls and serve.