Step 1

In a large Dutch oven, melt butter over medium heat. Add onion, carrot, celery, bay leaf and thyme. Cook, stirring often, until onions are translucent and vegetables are tender, about 8 to 10 minutes. Add flour and paprika, and stir, cooking until the flour begins to turn golden brown, about 3 minutes. Stir in white wine, milk and chicken broth. Bring to a low simmer and let cook on low, covered, for about 20 minutes. Use an immersion blender or transfer to a blender and blend until smooth.

Step 2

On low heat, gradually add Velveeta until melted. Slowly add cheddar cheese, constantly stirring until melted. Serve with desired toppings.