Preheat oven to 300°F. Add popcorn and oil to a large pot over medium-high heat, cover and cook until kernels begin to pop. Carefully shake the pot until you no longer hear the kernels popping. Transfer popcorn to very large bowl. Add bacon, almonds, smoked sea salt and cayenne pepper to bowl with popcorn, tossing to coat.

Line rimmed baking sheet with parchment paper. Coat 2 wooden spoons or sturdy spatulas with nonstick spray and set aside. To a medium saucepan over medium-low heat, add sugar, water and corn syrup, stirring until sugar has dissolved. Increase heat to high, and bring the mixture to a boil. Once it’s boiling, clamp on a lid and let cook for 3 – 5 minutes. Do not stir! After 3 minutes, lift the lid to check the shape of the bubbles. If the bubbles are much bigger and closer together, you can continue cooking without the lid. If the bubbles are still small and boiling vigorously, put the lid back on and cook for a minute or two longer. Continue to cook the caramel until it reaches a deep amber, gently swirling the mixture occasionally to ensure even cooking. Remove from the heat and immediately add the cream. Stand back a bit because the mixture will bubble up! Stir until well blended.

Immediately drizzle caramel over popcorn mixture, tossing with the sprayed spoons until evenly coated. Transfer to the prepared baking sheet. Cook the caramel corn in the oven for 20 minutes, tossing mixture occasionally. Cool completely on the baking sheet, tossing occasionally to break up large clumps.