Preheat oven to 250°.

Butter or spray with oil a very large mixing bowl and two rimmed large jelly-roll pans.

Place the popped corn and peanuts into the greased mixing bowl and set aside for now.

In a medium saucepan combine the butter, brown sugar, corn syrup, and salt.

Bring to a boil over medium heat, stirring constantly.

Lower heat and let the mixture boil for 5 minutes without stirring.

Remove saucepan from heat and stir in the baking soda.

When you add the baking soda, the syrup will froth and grow for a few moments so don’t be concerned when your syrup temporarily acts like a mini volcano.

Gradually pour the syrup over the popped corn, mixing well to coat all the kernels.

(I use a very large wooden spoon and it seems to work well.)

Spread the caramel corn evenly into the two prepared jelly-roll pans.

Bake the caramel corn for up to an hour, stirring every 15 minutes.

Or don’t bake at all and dig right in!