Preheat the oven to broil. Cut the Italian loaf in half and place side by side on a baking sheet. Spread each half with 3 Tbsp of butter and place into the oven to lightly toast.
Meanwhile, melt remaining 2 Tbsp of butter in a skillet. Add green onions and garlic. Saute for 1-2 minutes over medium high heat then remove from the stove.
In a mixing bowl, mix sauteed garlic and onions with pepper jack, monterey jack, bacon, mayonnaise, jalapenos, salt and pepper. Mix well.
Divide the mixture between the two toasted bread halves, spreading from edge to edge.
Return to the oven. Broil for 5 minutes or until the cheesy is golden and bubbly.
Slice into desired size pieces and serve immediately.