Preheat the oven to 350°F. Grease a 9×13-inch cake pan with baking spray.

In a large bowl, whisk together the cake mix, water, oil, and eggs until well combined. Pour the batter into the prepared pan and bake according to package directions. Cool the cake completely.

Line a small baking sheet or plate with wax or parchment paper.

Crumble the cooled cake into a large bowl. Add the frosting to the crumbled cake and stir until the mixture is crumbly and resembles wet sand.

Scoop the cake mixture and roll into 1-inch balls. Place the balls on the lined baking sheet. Refrigerate for at least 4 hours or freeze for 30 minutes.

Once the cake balls have chilled, melt the candy melts or chocolate wafers according to the package instructions.

Dip the tip of a lollipop stick in the melted coating and insert it about halfway into a cake ball. Dip the cake ball into the coating, making sure to cover the base where the stick and cake ball meet, and turn to coat. Remove and gently tap on the side of the cup to let excess coating drip off.

Decorate with sprinkles if desired. Place the decorated cake pop upright in a cake pop holder until the coating is set, 30 minutes to 1 hour.