Cook the turkey bacon until crispy, either in a skillet or in the oven. Let cool slightly, then crumble into small bite-sized pieces and set aside.
Place the white chocolate in a microwave-safe bowl and microwave in 30-second increments, stirring in between, until completely melted and smooth. Alternatively, melt using a double boiler on low heat.
In a large mixing bowl, add rice cereal, chocolate-covered pretzels, salted pretzels, crumbled turkey bacon, M&M's, and peanuts. Gently toss to combine evenly.
Pour the melted white chocolate over the dry mixture. Using a spatula, gently fold until the white chocolate coats the ingredients lightly and evenly.
Spread the coated snack mix onto a baking sheet lined with parchment paper. Sprinkle festive sprinkles evenly over the top while the chocolate is still wet.
Allow the mix to set at room temperature for about 30 minutes or until the white chocolate hardens. For quicker setting, refrigerate for 10-15 minutes.
Once set, break the snack mix into clusters. Store in an airtight container or portion into gift bags for sharing.
