Preheat oven to 350°F (175°C).
Line a 9x13 inch baking pan with parchment paper and grease it.
In a bowl, combine cake mix, oil, eggs, and water. Beat until smooth.
Fold in vanilla and sprinkles. Avoid overmixing.
Pour batter into the pan and spread evenly.
Bake for 22–25 minutes or until a toothpick comes out clean.
Let cool completely.
Beat butter until fluffy. Add powdered sugar, milk, and vanilla. Mix until smooth.
Spread over cooled bars. Add more sprinkles.
Slice and serve.