Prepare the Olive Salad: In a mixing bowl, combine sliced black olives, green olives, diced roasted red peppers, and chopped pepperoncini. Drizzle with red wine vinegar and olive oil, then sprinkle with dried oregano, dried basil, garlic powder, salt, and pepper. Mix well and let marinate for at least 30 minutes.

Slice the Bread: Slice the Muffaletta bread in half horizontally. Use a serrated knife for clean edges and scoop out some bread if desired for more filling.

Assemble the Sandwich: Layer deli meats on the bottom half of the bread, followed by cheese, and spoon olive salad generously over the top.

Top and Press: Place the top half of the bread over the fillings and press down slightly to compact.

Wrap and Rest: Wrap the sandwich tightly in plastic wrap and refrigerate for at least 2 hours or overnight to enhance flavors.

Serve and Enjoy: Unwrap the sandwich and slice into wedges or halves. Serve it chilled or at room temperature.