Combine Eagle Brand and dry gelatin. Cook and stir over medium-low heat until slightly thickened, about 3 to 4 minutes.
Pour Eagle Brand mixture over popcorn; mix well. Place coated popcorn onto parchment paper-lined 13 x 9-inch baking pan. Bake in preheated 300 degree F oven for 15 to 20 minutes, stirring occasionally.