Pour apple cider (all but 1/4 of the 2 gallons) into a drink dispenser.
Add the caramel syrup.
Whisk in pumpkin pie spice. Some of the spice may float to the top, but whisk again right before serving. Taste and add more pumpkin pie spice if desired.
Serve chilled, at room temperature, or warm.
Stir occasionally to keep the flavors equally distributed.
Add cinnamon sticks and sliced apples to the punch just before serving if using.