Preheat the oven to 250°F (120°C).
Spread the popcorn in a large, deep roasting pan and sprinkle peanuts over the top.
In a saucepan over medium-high heat, combine the brown sugar, butter, corn syrup, and salt. Cook, whisking constantly, for 2 to 3 minutes until the sugar and butter have melted and the sauce is thick and caramelized.
Pour the caramel sauce over the popcorn and peanuts. Stir until completely coated, ensuring any peanuts or caramel bits at the bottom of the pan are included.
Bake in the preheated oven, stirring occasionally, for about 45 minutes or until the caramel and popcorn are crispy. Remove from the oven and let cool on a sheet of parchment paper.
Enjoy your homemade Cracker Jack!
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