In large microwavable bowl, mix cereals, nuts, pretzels and bagel chips; set aside.
In small microwavable bowl, microwave butter uncovered on High for about 40 seconds or until melted. Stir in seasonings. Pour over cereal mixture; stir until evenly coated.
Microwave uncovered on High 5-6 minutes, thoroughly stirring every 2 minutes. Spread on paper towels to cool. Store in airtight container.
For a big, bold taste, add 2 tablespoons red pepper sauce with the seasonings.