Start by allowing the cream cheese to soften at room temperature for about 15-30 minutes. Combine it in a mixing bowl with shredded sharp cheddar, garlic powder, smoked paprika, cayenne pepper (if using), salt, and pepper. Mix thoroughly until smooth and creamy.

Lay out a large piece of plastic wrap and scoop the cheese mixture in the center, forming it into a ball. Gather the plastic wrap around the cheese mix and twist it tightly to seal. Use twine or rubber bands to create grooves. Chill in the refrigerator for 2-4 hours.

After chilling, carefully unwrap the cheese ball and place it on your serving platter. Dust the surface generously with smoked paprika and add a bell pepper stem on top. Serve with assorted dippers like crackers and veggies.