Spray the inside of your slow cooker well with nonstick cooking spray. Don't skip the corners, since cheese loves to stick there. This one step makes cleanup so much easier later.
Put the uncooked pasta in a colander and rinse it under cold water. Let it drain for a moment. I like this step because it washes off extra surface starch that can make the sauce gummy.
Shred the cheddar and the American cheese yourself with a food processor or box grater. Fresh cheese melts smoothly. Bagged cheese can leave the sauce gritty.
Add the pasta, whole milk, evaporated milk, both cheeses, salt, pepper, dry mustard, garlic powder, and cayenne to the slow cooker. Stir until everything is mixed well. Try to keep the pasta under the liquid so it cooks evenly.
Scatter the cubed butter over the top of the mixture. You don't need to stir it in. It will melt slowly and blend into the sauce as the mac and cheese cooks.
Cover the slow cooker and cook on LOW for 1 hour. Don't switch it to HIGH, even if you're in a hurry. High heat is the fastest way to end up with mushy macaroni.
After 1 hour, lift the lid and give everything a quick stir. Work fast so the heat doesn't escape. Taste a noodle to see how close it is to done.
If the pasta isn't ready, put the lid back on and keep cooking. Check every 30 minutes or so. It can take up to 1 to 2 more hours, depending on your slow cooker.
The mac and cheese is ready when the pasta is tender and the sauce looks thick and creamy. Remove the lid and let it rest for a few minutes. The sauce thickens even more as it sits.
Spoon the mac and cheese into bowls while it's warm and creamy. Give it one last gentle stir before serving. Enjoy it right away for the best texture.