Prepare the pasta according to the package instructions. Drain and set aside.
In a large skillet over medium heat, brown the ground beef and sausage. Once cooked through, drain off any excess grease.
In a large mixing bowl, combine the cooked meat with pepperoni, bell pepper, onion, parmesan cheese, oregano, garlic, mushrooms, and olives. Add the cooked penne pasta and pasta sauce, then toss everything together until well combined.
Transfer the mixture into a greased 9x13-inch baking dish. Sprinkle 1-2 cups of mozzarella cheese on top, depending on your cheese preference. Bake at 350°F for 25-35 minutes, or until the cheese is melted, bubbly, and golden.