# Cook macaroni according to package directions. Meanwhile, in a small skillet, cook bacon over medium heat until crisp. Remove to paper towels with a slotted spoon; drain, reserving 3/4 teaspoon drippings.
# In the same skillet, saute onion and mushrooms in drippings and butter until tender. Stir in flour until blended; gradually stir in broth and milk. Bring to a boil; cook and stir for 1-2 minutes or until thickened. Stir in the cheese, Italian seasoning, salt and pepper. Cook and stir over medium heat until cheese is melted.
# Drain macaroni; stir macaroni and bacon into sauce mixture.