Prepare the vegetables by cutting the tops off the banana peppers and green pepper, removing the seeds, dicing the green pepper, chopping the onion, and mincing the garlic.

In a large stockpot, heat olive oil over medium heat. Add Italian sausage and cook until browned, about 5-7 minutes.

Using the same pot, melt butter and sauté onion, banana peppers, green pepper, and garlic for about 5 minutes.

Return the cooked sausage to the pot, add chicken broth and evaporated milk, and bring to a gentle boil.

Reduce heat to low, stir in Parmesan and cream cheese until melted. Season with salt, pepper, and herbs; cover and simmer for 25 minutes.

Add uncooked orzo, stir, and cook for another 10 minutes or until tender.

Serve hot, garnished with reserved pepper slices or fresh herbs.