Begin by washing the banana peppers and slicing off the tops before removing the seeds. Dice the flesh into small pieces and chop the onion finely.

In a large stockpot, heat olive oil over medium heat. Add the Italian sausage, breaking it into pieces as it browns for about 5-7 minutes until fully cooked.

In the same pot, melt butter with a little olive oil. Sauté the diced banana peppers, green pepper, and chopped onion for approximately 5 minutes until tender.

Return the browned sausage to the pot. Pour in the chicken broth and evaporated milk, stirring to combine. Bring to a gentle boil.

Reduce heat to low and stir in Parmesan cheese and softened cream cheese. Add dried herbs and seasonings. Simmer on low for about 25 minutes.

Add in the cooked orzo pasta and stir well. Allow it to heat through for an additional 10 minutes.