Line an 8×8 baking dish with parchment paper and spray it lightly with nonstick spray.
Place the butter and cream in a saucepan and heat until the butter melts and the mixture is warm. Remove it from the heat.
In a large saucepan, stir together the champagne, sugar and corn syrup over medium heat until it’s combined – the mixture will be thick. Fit the pot with a candy thermometer. Do not stir – bring the mixture to a boil and let it cook until it reaches a golden and caramely color – about 275-300 degrees F. You can let it go as high as 320 degrees F, but no higher. Turn off the heat under the sugar and very slowly pour in the cream and butter mixture while whisking. The mixture will bubble up and triple in size. Return it to the heat, and heat until it’s about 240-250 degrees F. Turn the heat off. Gently stir in the vanilla extract.
Pour the caramel into the lined baking dish and tap the pan on the counter a few times to remove any bubbles. Let it sit overnight (or even just 4 to 6 hours) – I loosely covered mine with a piece of foil. While the caramel sets, cut some parchment paper into squares – the amount you need will depend on the size and shape of your caramels.
When ready to cut, lift the caramel square out by the parchment paper on the sides. You can cover it with sprinkles and chip crumbs first, but I like to cut mine and then cover. Make them whatever size or shape you want! I like the longer caramels – so I sliced long pieces from the 8×8 square and then cut each piece into fours. You can very lightly spray your knife with nonstick spray since these caramels are chewy. Sprinkle with metallic sprinkles and potato chips, gently pressing to adhere if needed. Wrap each caramel in a piece of parchment paper and twist the ends. Serve with champagne!