Grease a 9×13-inch baking dish. Spread the torn croissants evenly in the dish. Sprinkle the cooked sausage, diced bell peppers, and onions (if using) over the croissants.
In a large bowl, whisk together eggs, milk, heavy cream, garlic powder, smoked paprika, salt, and black pepper. Stir in 1 1/2 cups of cheddar cheese and all the Parmesan cheese.
Pour the egg mixture evenly over the croissants and sausage. Press gently to ensure the croissants absorb the liquid. Cover the dish with plastic wrap and refrigerate overnight (or at least 4 hours).
Preheat the oven to 350°F (175°C). Remove the plastic wrap and sprinkle the remaining 1/2 cup of cheddar cheese over the top. Bake uncovered for 40-45 minutes, or until the center is set and the top is golden brown.
Let the casserole cool for 5-10 minutes before serving. Garnish with fresh parsley or chives and enjoy!