- Dredge bacon slices in 3/4 cup brown sugar until completely coated on both sides; arrange on a wire baking rack sprayed with nonstick cooking spray and layer on a baking sheet.
- Bake uncovered in a preheated 350°F for 20 minutes, or until bacon is fully cooked and crisp. Immediately transfer bacon to paper towels and drain briefly; chop crisp bacon into small bits.
- Combine candied bacon bits and popcorn in a large bowl coated with butter or cooking spray; season to taste with salt.
- Combine white sugar, 1/2 cup brown sugar, corn syrup and water in a saucepan; bring to a boil, stirring occasionally, until mixture reaches 240°F.
- Remove from heat and stir in butter. Return to heat and continue cooking until mixture reaches 300°F. Remove from heat.
- Carefully add vanilla, baking soda and 1½ teaspoon salt to saucepan and quickly stir to blend. (Mixture with bubble and foam when these ingredients are added to saucepan.)
- Working quickly, pour mixture over popcorn and stir until blended with a large spoon or tongs sprayed with nonstick cooking spray.
- Add Peanut Butter M&M’S and stir until blended; cool.