In medium skillet over medium-high heat, cook bacon until crisp; remove to paper towels. Set aside.
Prepare pasta according to package directions; drain. Meanwhile, in large saucepan, melt butter over medium heat.
Whisk in flour; cook 1 minute, whisking constantly. Gradually add in warmed milk, whisking constantly until smooth. Cook over medium heat, whisking constantly until thickened and mixture comes to a boil.
Blend in cheeses and bacon; salt and pepper to taste. Reduce heat to low and continue stirring until cheese is melted.
Toss pasta with sauce and transfer to a greased 2-1/2-quart baking dish. Sprinkle with crushed chips. Bake in a preheated 375°F oven 20-25 minutes or until golden brown and bubbly.