Preheat your oven to 250°F (120°C).

In a large mixing bowl, combine the cereal, pretzel sticks, and peanuts.

In another bowl, whisk together melted butter, brown sugar, honey, smoked paprika, garlic powder, onion powder, cayenne pepper, and salt until smooth.

Pour the butter mixture over the base ingredients and stir to coat.

Spread the mixture onto a lined baking sheet and bake for 45 minutes, stirring every 15 minutes.

Allow the mix to cool completely on the baking sheet.

If desired, mix in chocolate chips or M&M's after cooling.