1/2 (14 oz.) pkg. vanilla caramels
1 tbsp. water
2 tsp. butter
7 c. popped popcorn
butter

NOTE: Substitute 6 cups popped popcorn and 1 cup granola or other ready-to-eat cereal for the 7 cups popped popcorn, if desired.

Combine caramels, water, and 2 teaspoons butter into a 4-cup liquid measuring cup. Micro-cook, uncovered, on 100% power (high) for 1 1/2 minutes. Use a rubber scraper to stir until smooth. If caramels aren't soft enough to stir smooth, micro-cook for 30 to 60 seconds more.

Put the popcorn into a large microwave-safe mixing bowl. Pour the melted caramel mixture over the popcorn. Use 2 rubber scrapers to toss gently until popcorn is coated with caramel.