Begin by preparing your ingredients. Cut the tops off the banana peppers, remove the seeds, and dice them, along with the green pepper. Finely chop the onion and mince the garlic.

In a large stockpot, heat over medium heat and add the Italian sausage. Cook for about 8-10 minutes, breaking it apart until browned and no longer pink. Remove from the pot, leaving drippings.

In the same pot, add olive oil and butter over medium heat. Add chopped onion, diced banana peppers, green pepper, and minced garlic. Sauté for about 5 minutes until softened.

Return the cooked sausage to the pot and add chicken broth and evaporated milk. Bring to a boil, then reduce to low heat. Let simmer for about 10 minutes.

Stir in grated parmesan cheese and cream cheese until melted. Season with salt, black pepper, dried herbs, and simmer for an additional 25 minutes.

Add uncooked orzo pasta. Stir and cook for about 10 minutes until tender yet al dente.

Serve hot, garnished with reserved pepper slices and enjoy.