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.
Line rimmed baking sheet with foil; coat with nonstick spray. Coat 2 wooden spoons or heat-resistant spatulas with nonstick spray; set aside. Stir sugar, 1/4 cup water, and corn syrup in large saucepan 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 13 minutes. Remove from heat and immediately add cream (mixture will bubble up). Stir until blended. Immediately drizzle caramel over popcorn mixture; toss with sprayed spoons until evenly coated. Transfer to sheet.
Place caramel corn in oven and bake until caramel is shiny and coats popcorn, tossing mixture occasionally, about 20 minutes. Cool completely on sheet on rack, tossing occasionally to break up large clumps. DO AHEAD Can be made 2 days ahead. Store airtight in refrigerator.