Lightly grease a 9×13-inch baking pan and set aside.
In a large saucepan over low heat, melt 3 tablespoons butter.
Add 4 cups of the mini marshmallows to the melted butter and stir constantly until completely melted and smooth. Remove the pan from the heat.
Stir in 1/2 cup smooth peanut butter until fully incorporated and melted.
Add 6 cups Rice Krispies cereal and the remaining 2 cups mini marshmallows to the saucepan. Stir until the cereal and marshmallows are evenly coated.
Transfer the mixture to the prepared 9×13 pan. Using a lightly greased spatula or greased hands, press the mixture evenly and firmly into the pan. Set aside.
Place the 11 oz unwrapped caramels and 2 tablespoons heavy cream in a microwave-safe bowl. Microwave in 20–30 second intervals, stirring after each interval, until the caramel is completely melted and smooth.
Pour the melted caramel evenly over the pressed Rice Krispie layer and spread to mostly cover the top.
Immediately sprinkle 1 1/2 tablespoons coarse sea salt evenly over the caramel. Let cool at room temperature until the caramel sets (about 30 minutes) or refrigerate 15–20 minutes to speed setting.
Use a sharp knife to cut into bars. Store in an airtight container for up to 5 days.