In a mixing bowl, combine the softened cream cheese and shredded cheddar cheese until well blended.
Stir in the chopped green onions, crumbled bacon, diced red bell pepper, garlic powder, and Worcestershire sauce.
Once combined, form the mixture into a ball shape with your hands, ensuring it's compact.
Wrap the cheeseball in plastic wrap and refrigerate for at least 2 hours to allow the flavors to meld.
Spread the chopped nuts on a plate and roll the chilled cheeseball in them until completely coated.
If desired, mix food coloring into a portion of the cream cheese to create team colors and decorate the exterior.
Transfer the cheeseball to a serving plate and surround it with crackers, chips, or sliced vegetables.