Heat 2 tbsp olive oil in a large pot over medium heat. Slice sausage into ½-inch rounds and sear until browned. Remove and set aside.

Melt butter in the same pot, add diced onions, and sauté until softened (about 5 minutes). Add garlic and cook for 1 more minute.

Add remaining 1 tbsp olive oil and pour in the chicken broth. Scrape up any browned bits from the pan to add flavor.

Add uncooked rice to the pot. Bring to a boil, cover, reduce heat, and simmer for 10 minutes.

Add bell peppers on top (do not stir), cover, and cook another 10 minutes (refer to rice package for total cook time).

Turn off heat and let it sit covered for 10 more minutes.

Return pot to low heat. Stir in cream of chicken soup, sour cream, milk, and cheddar cheese until smooth and creamy.

Return sausage to the pot, add red pepper flakes if using, stir, and heat through.

Taste and adjust seasoning. Serve hot and enjoy!