Cook pasta as directed on package, omitting salt. Meanwhile, crumble sausage into large deep skillet; cook on medium-high heat until evenly browned, stirring occasionally.
Drain; return sausage to skillet. Stir in vegetables and pizza sauce; cook 5 to 6 min. or until vegetables are crisp-tender, stirring occasionally.
Drain pasta.
Add to sausage mixture along with the VELVEETA; mix lightly. Spoon into 13x9-inch baking dish sprayed with cooking spray; sprinkle with Parmesan.