Get all of the ingredients ready, then preheat the oven to 350 degrees F (175 degrees C).
Fill a large pot with salted water and bring it to a boil over high heat. Add the penne and prepare it according to the package instructions until al dente. Drain the pasta and set it aside.
As the pasta cooks, warm the olive oil in a large Dutch oven over medium-high heat. Add the ground beef. Cook for about 5 minutes, stirring frequently and breaking the meat into crumbles, until no pink remains.
Add the chopped yellow onion, red bell pepper, green bell pepper, paprika, garlic powder, and kosher salt. Continue cooking for approximately 4 minutes, stirring from time to time, until the vegetables have softened.
Mix in the tomato sauce, ketchup, yellow mustard, Worcestershire sauce, and light brown sugar. Bring the mixture to a boil over medium-high heat. Lower the heat to medium and cook for about 5 minutes, stirring occasionally, until the sauce thickens slightly.
Take the Dutch oven off the heat. Fold in the cooked penne, frozen corn, and 3/4 cup of the Colby-Jack cheese until everything is evenly combined.
Lightly coat a 9x13-inch baking dish with cooking spray. Spoon the beef and pasta mixture into the prepared dish and spread it evenly. Scatter the remaining 3/4 cup cheese over the top.
Place the casserole in the preheated oven and bake for about 20 minutes, or until the casserole is hot throughout and the cheese on top has melted.
Serve the casserole warm.