I fix this every Christmas Eve and it is ready for the oven on Christmas morning. I put it in as soon as I get up and by the time we are finished with Santa Clause, it is ready. I usually cook some bacon or sausage and add fruit for a complete breakfast.
Place bread cubes in a large casserole dish, usually a 9 x 13. Melt cheese and butter slowly, and pour over the bread. Mix eggs and milk. Pour over the bread and cheese. I usually take a fork and move everything around and make sure all the milk is getting absorbed by the bread. Refrigerate, covered overnight. When ready to bake, preheat oven to 300 degrees. Cook uncovered for one hour. Serves 10 to 12.
Tips: I use my electric knife to cube the bread. I just stack up about 4 or 5 slices at a time and it goes very quickly. I usually add more cheese since my daughter-n-law always wants extra cheese on everything.
I know it sounds like a lot of butter, but the original recipe I used, called for 2 sticks of butter and 2 sticks of margarine, and it was way too much.
Make sure you use the regular Velveeta, the 2% Velveeta does not work well in this.