Wash and prep banana peppers, green pepper, and onion. Slice banana peppers in half and remove seeds, then dice along with green pepper and onion.

In a large stockpot, heat olive oil over medium heat. Add ground Italian sausage and sauté until browned, about 5-7 minutes.

Remove sausage and add butter, then toss in diced onion, green pepper, and banana peppers with minced garlic. Sauté for about 5 minutes.

Return sausage to pot, add chicken broth and evaporated milk. Stir to combine and bring to a gentle boil.

Lower heat and stir in Parmesan cheese, cream cheese, and spices. Cook for about 25 minutes on low heat.

Add uncooked orzo pasta, stirring continuously for another 10 minutes until tender but slightly al dente.

Ladle soup into bowls, garnishing with reserved banana pepper slices.