Combine sugars and corn syrup with 1/3 cup water in a saucepan and bring to a boil, stirring occasionally until sugars dissolve. Once mixture has reached 240degrees F, remove from the heat and stir in butter.
Return to heat and continue cooking until mixture reaches 300degreesF. Remove from heat and careful stir in extract, baking soda and salt. (The mixture will bubble aggressively, so stir with caution).
Place popcorn, bacon and 1 teaspoon kosher salt in a large bowl and gently fold in caramel mixture until well coated. Line a baking sheet with parchment paper.
Using greased heatproof gloves, take a handful of caramel corn and roll it into a ball. Place on the prepared baking sheet. Repeat to form 12 balls. Let sit at room temperature about 15 minutes before serving. Wrap individual popcorn balls in plastic wrap or store in an air tight container.
Copyright Matt Armendariz for Cooking Channel