Prep Pan: Preheat oven to 350 °F. Line 8x8-inch metal baking pan with parchment paper, leaving an overhang on at least two sides for easy lifting. Spray parchment paper lightly with cooking spray.
Cookie Cake Batter: In large bowl, whisk ½ cup salted butter (melted and cooled), ½ cup light brown sugar, ⅓ cup granulated sugar until combined. Whisk in 2 large eggs (room temperature) and 2 teaspoons vanilla extract until smooth, about 2 minutes.
Add Dry Ingredients: Add 1 ¼ cup all-purpose flour, ¼ teaspoon salt, and ¼ teaspoon baking powder (if using unsalted butter, add extra ¼ teaspoon salt). Stir until combined, then fold in ¼ cup rainbow sprinkles. Batter should be thicker than cake batter but looser than cookie dough. Spread two-thirds of batter into prepared pan right away so it doesn’t thicken too much.
Brownie Batter: In microwave-safe bowl, melt 4 Tablespoons salted butter and ¼ cup semi-sweet chocolate chips on 50% power for about 1 minute. Stir until smooth, then let cool a few minutes so it doesn’t cook egg.
Add Remaining Ingredients: Whisk in 6 Tablespoons granulated sugar, 1 egg (room temperature), ¼ cup all-purpose flour, ¼ cup unsweetened cocoa powder, 1 teaspoon vanilla extract, and ⅛ teaspoon salt until just combined; don’t overmix. (If using unsalted butter, add extra ⅛ teaspoon salt here.)
Layer Batters: Pour brownie batter over cookie layer and smooth out with a rubber spatula. Dollop remaining cookie batter on top in small spoonfuls and lightly spread with the spatula. Sprinkle 3 Tablespoons sprinkles over top.
Bake: Bake 24-29 minutes, or until top looks set and cookie portions are lightly golden. Center should no longer look wet, and shiny top should stay intact when you gently shake pan. A toothpick will not come out clean with this recipe; use set, shiny top as doneness guide.
Cool then Slice: Cool brownies completely on wire rack. Lift out using parchment overhang and cut into 9 large squares or smaller pieces.