Bring a large pot of salted water to boil. Add penne pasta and cook according to package directions until al dente, about 10-12 minutes. Reserve 1 cup of pasta water before draining.

Heat 1 tablespoon olive oil in a large skillet over medium-high heat. Season sliced ribeye with salt and pepper, then cook for 2-3 minutes until browned. Remove steak and set aside.

In the same skillet, add remaining olive oil. Sauté sliced onions and bell peppers for 5-6 minutes until softened. Add minced garlic and cook for 1 minute more.

Push vegetables to one side of the skillet. Add butter to the empty space and let melt. Sprinkle flour over butter and whisk constantly for 1 minute to create a roux.

Gradually add milk and heavy cream while whisking continuously to prevent lumps. Cook for 3-4 minutes until sauce thickens.

Remove from heat and add shredded provolone and Parmesan cheese, stirring until melted and smooth. If sauce is too thick, add reserved pasta water gradually until desired consistency is reached.

Return cooked steak to the skillet and add drained pasta. Toss everything together until well coated with cheese sauce. Adjust seasoning with salt and pepper if needed.

Serve immediately while hot, garnished with additional Parmesan cheese if desired.