Line two baking sheets with parchment paper and set aside.
Place 1/4 cup milk, 1/2 cup butter, and the entire 14 oz bag of Kraft caramels (wrappers removed, about 50) into a large, heavy‑bottomed pot—big enough to hold the caramel mixture plus 5–6 cups of cornflakes and allow room for stirring.
Heat the pot over medium, stirring frequently until the butter and caramels are completely melted and the mixture is smooth. Reduce heat as needed to prevent scorching; do not let the mixture come to a rolling boil.
Remove the pot from the heat. Add 5 cups cornflakes and gently fold until the flakes are evenly coated. If the mixture appears to have excess caramel and the flakes look undercoated, add up to 1 more cup of cornflakes (up to 6 cups total) and fold until evenly coated, taking care not to crush the flakes.
Use a heaping tablespoon to scoop 1‑inch mounds of the coated cornflake mixture onto the prepared baking sheets, spacing the clusters slightly apart. You should get about 30–34 clusters.
Let the clusters cool completely at room temperature until set; they will firm up into soft, chewy clusters as they cool.
Store the cooled clusters in a parchment‑lined airtight container. If stacking, place parchment between layers to prevent sticking. Best when eaten within 7 days.