Preheat oven to 300 degrees. Line a rimmed baking sheet with foil; coat with nonstick spray
Cook bacon in large skillet over medium heat until almost crisp. Using slotted spoon, transfer to paper towels to drain; cool.
In a large mixing bowl, using your hands toss together the cooked bacon, popcorn and cashews. Sprinkle with coarse salt and cayenne; toss again to coat.
Bring cream and tea bag just to boil over medium heat. Remove from heat; let steep 15 minutes, occasionally pressing on tea bag with back of spoon to release flavor. Discard tea bag.
Coat 2 wooden spoons or heat-resistant spatulas with nonstick spray; set aside. In a large saucepan, stir sugar, 1/4 cup water and corn syrup over medium-low heat until sugar dissolves. Increase heat to high; boil without stirring until syrup turns deep amber, occasionally swirling pan and brushing down sides with wet pastry brush, about 7 to 10 minutes. Remove from heat and immediately add cream/tea (mixture will bubble up). Stir until blended. Immediately drizzle sauce over popcorn mixture; toss with sprayed spoons until evenly coated. Transfer to prepared baking sheet.
Place caramel corn in oven and bake, tossing mixture occasionally, about 15 minutes or until popcorn is well coated. Cool completely on baking sheet on a rack, occasionally breaking it up into clumps with your hands.
Make ahead: popcorn can be made up to 2 days ahead. Store airtight in the refrigerator.