Preheat oven to 250°F. Arrange two oven racks in the top and bottom third of the oven. Line two rimmed baking sheets with parchment paper.

In a large pot with a lid, heat oil over medium-high heat. Place 3 kernels into the oil. Once the kernels pop, add the remaining kernels to the oil. Cover but keep the lid ajar to release steam. Once the kernels begin to pop, gently shake the pan over the heat until the popping slows. Transfer to a large bowl immediately and season with ½ teaspoon of salt. Add peanuts and bacon and toss to combine.

In a saucepan, stir to combine sugar, water, and corn syrup. Bring to a boil over medium-high heat and boil for until the color changes to a deep golden, about 5 minutes. Remove from heat and add cream, the remaining teaspoon of salt, and baking soda, stir well. Pour mixture over the popcorn and stir until the popcorn is coated. Divide the mixture between the two baking sheets.

Bake for 1 hour, stirring every 20 minutes. Allow to cool completely and serve immediately. Can be stored in an airtight container in the refrigerator for up to 2 days.