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Step 1
Heat the oven according to frozen chicken package instructions. Arrange 48 ounces frozen popcorn chicken in an even layer on a rimmed baking sheet. Bake according to package instructions or until crispy and cooked through. (If needed, divide the chicken between 2 baking sheets. Bake in the upper and lower thirds of the oven, rotating the baking sheets halfway through baking.)
Step 2
Let the chicken rest on the baking sheet for at least 5 minutes before moving. (This will allow the breading to crisp up a little bit and stick to the chicken better.)
Step 3
Meanwhile, working in batches as needed, cook 4 ounces sliced pepperoni in a single layer in a dry medium skillet over medium heat until crisp, flipping occasionally with tongs and reducing the heat to medium-low as needed to prevent burning, about 3 minutes per batch. Transfer the cooked pepperoni to a large bowl. Discard all but 1 tablespoon rendered fat (it’s OK if you end up with less than that).
Step 4
Add 1/2 cup honey, 6 tablespoons unsalted butter, 1 tablespoon hot sauce, and 1 teaspoon black pepper to the skillet (no need to wipe out). Cook over medium heat, whisking constantly, until the butter is melted and the mixture is bubbling vigorously, about 3 minutes. Taste and whisk in up to 2 tablespoons more hot sauce if desired.
Step 5
Add the popcorn chicken to the bowl with the pepperoni and gently toss to combine. Drizzle with half of the honey mixture (about 1/2 cup) and gently toss to evenly coat. Transfer to a shallow bowl or serving platter, piling it as high as you can. Drizzle with remaining honey mixture and finish with a few grinds of black pepper. Serve with ranch dressing for dipping.