"If Buffalo wings and kettle corn married, this would be their baby! This popcorn is sweet, salty, and spicy all at the same time! It's a winner for football parties. If you like blue cheese, try sprinkling a few blue cheese crumbles over your serving of popcorn. I put a small bowl of blue cheese crumbles next to the popcorn bowl so people can add some if they wish."
Spray a large bowl with cooking spray. Fill with popcorn.
Preheat oven to 300 degrees F (150 degrees C). Line a baking sheet with parchment paper or a silicone pad.
Combine sugar and water in a saucepan and bring to a boil over medium-high heat. Cook, without stirring and swirling pan gently as needed, until sugar has melted and the caramel is a deep amber color, 8 to 12 minutes. Remove from heat.
Stir Buffalo sauce and butter carefully into the caramel; it will spit and bubble and may form a ball. Return to heat; bring to a boil, stirring until caramel is dissolved, about 3 minutes. Remove from heat and stir in the baking soda and cayenne pepper.
Pour spicy caramel mixture carefully over the popcorn. Toss to completely coat, guarding your hands from the hot caramel. Spread the coated popcorn onto the prepared baking sheet.
Bake in the preheated oven until dry, 15 to 20 minutes. Let cool for 10 minutes; stir.