Prepare the Chicken: Season both sides of the chicken breasts with garlic powder, onion powder, smoked paprika, salt, and black pepper.
Heat olive oil in a large skillet over medium-high heat. Sear the chicken for 4–5 minutes per side, or until golden brown. Remove from the skillet and set aside.
Cook the Rice: In a medium saucepan, bring chicken broth and salt to a boil. Stir in the rice, reduce heat to low, cover, and simmer for 15–18 minutes until tender and broth is absorbed. Fluff with a fork and set aside.
Make the Creamy Sauce: In the same skillet used for the chicken, melt the butter over medium heat. Whisk in the flour and cook for 1–2 minutes until slightly golden.
Gradually whisk in the milk and chicken broth, creating a smooth sauce. Add garlic powder, thyme, cheddar cheese, and Parmesan cheese. Stir and cook for 3–4 minutes until thickened and cheese is fully melted.
Return the seared chicken breasts to the skillet, spoon sauce over the top, cover, and simmer on low for 10 minutes until the chicken is cooked through and tender.
Plate the rice, top with smothered chicken and sauce, and garnish with fresh parsley. Serve immediately.