Prep. Lay a piece of wax or parchment paper on the counter or on a baking sheet. Place popped popcorn in a large bowl.
Make caramel. In a microwave-safe bowl, microwave 1/2 cup butter, 1 cup light brown sugar, and 1/4 cup corn syrup 1 minute. Stir and cook 2 additional minutes for chewy popcorn balls. If you like crunchy popcorn balls, cook 1 minute more. Stir in 1 teaspoon vanilla and 1/2 teaspoon baking soda.
Coat popcorn. Pour caramel over popcorn and stir until well coated. Let cool slightly.
Make into popcorn balls. Grease hands with butter (or use wax paper or gloves) and shape the popcorn into 2-inch balls. Wrap each ball with plastic wrap or store in a zip-top bag or an airtight container up to 2 weeks.
Notes
Soft Ball Stage: To test if your caramel has reached a soft ball, grab a cup of ice water. Then dip a spoon in the caramel and dip it into the ice water. It should form a soft ball (chewy caramel). If it's still stringy, cook an additional minute.Variations:
For a fun twist, mix in M&M's, candy corn, sprinkles, and/or nuts.
Use food coloring to dye the popcorn balls a festive color for the holidays.
Quantity: One batch goes a long way. It will typically make 24 (2-inch balls) , but depending on the size could make more or less.Storage:Wrap each ball with plastic wrap or store in a zip-top bag or an airtight container for up to 2 weeks.