Line a 9×13-inch pan with aluminum foil for easier cleanup and spray with cooking spray; set aside.: The sharp metallic scent of new foil and the gentle hiss as you spray the pan signal that you are preparing for easy removal and cleanup. Lining the pan lets you lift the bars out for neater slicing, and the cooking spray ensures the foil does not tug at the bars when you remove them. One common mistake is skipping the spray, which can cause the bars to stick and tear when lifted, so take the extra minute to prep the pan. Make sure the foil is pressed into corners so the bars have defined edges once set.
To a large bowl, add the pretzels, Chex, M&M’s, and stir to combine; set aside.: As you combine the dry ingredients you will hear a pleasant salt and cereal shuffle, and the colors of the M&M 99s brighten the mix. Stir long enough to distribute the pieces evenly, but not so long that the Corn Chex Cereal crumbles into dust. A common error is overmixing which reduces the light crunch. Use a large bowl with room to toss so everything blends without crushing the cereal.
To a large pot, add the butter, peanut butter, and heat over medium-low heat to melt, stir nearly continuously until melted and smooth.: When the unsalted butter and creamy peanut butter begin to melt, you will notice a warm, nutty aroma rising and the mixture turning glossy. Stirring constantly helps the fats emulsify into a smooth base, preventing separation and burning. A frequent pitfall is turning the heat too high, which scorches the butter and ruins the flavor, so keep the flame low and patient. Watch for tiny bubbles at the edge as a cue that the mix is warm enough for the next step.
Add the marshmallows and stir nearly continuously until melted and incorporated.: When the miniature marshmallows hit the warm butter and peanut butter, they soften and stretch into a sweet, cloudlike mass. Stir until everything is melted and the mixture is shiny and uniform, using a rubber spatula to scrape the pot sides. If you rush this step you might end up with grainy bits where the marshmallows did not fully melt, so maintain a gentle, steady stir. Be mindful of steam and occasional popping, which are normal as the marshmallows collapse.
Pour the marshmallow mixture over the cereal mixture and stir to combine.: Pouring releases a soft, molasses like ribbon of sticky goodness that coats the dry mix, and the room will fill with toasty, nutty notes. Stir with a spatula to fold the binder through the Corn Chex Cereal , pretzel , and M&M 99s so every piece gets an even coating. Work quickly but gently to prevent crushing the cereal. A typical mistake is waiting too long to mix, causing the binder to set and leaving dry pockets, so combine right away while warm.
Turn mixture out into prepared pan, smoothing the top lightly with a spatula as necessary.: As you transfer the sticky mixture into the foil lined pan you will feel resistance from the dense clusters, and the surface will gleam. Use a lightly oiled or sprayed spatula to press the mixture down evenly without compacting it too tightly, which can make the bars hard. Light smoothing ensures neat edges and even thickness. Avoid pressing so hard that the bars lose their airy bite; aim for firm but not rock solid.
Optionally, evenly sprinkle with 1/4 cup extra M&M’s and/or 1/2 cup extra marshmallows.: Adding extra M&M 99s and miniature marshmallows on top creates a festive sheen and small pockets of melted color, and the visual contrast invites people to dig in. If you press these toppings lightly they will adhere as the bars cool. One misstep is waiting until the mixture is too cool to stick toppings, which makes them fall off later, so add them immediately after pressing the bars.
Allow bars to set up fully before slicing and serving.: The final wait rewards you with bars that slice cleanly and keep their shape. As they cool you will notice the aroma mellow and the surface firm slightly; this tells you they are ready. Cutting too early causes squashed edges and messy slices, so be patient and let them reach room temperature or chill briefly if you need to speed things up. Use a sharp knife or warm the blade under hot water for smoother cuts.