In a large saucepan, combine ⅓ of the chocolate chips (this is about 1 cup), ⅓ of the condensed milk (this is a little less than one cup; ⅘ cup) and 1 tablespoon of butter over low heat. Cook on low for 8-10 minutes until the mixture breaks down completely. Use a rubber spatula and stir frequently and scrape the pan.
Remove from heat and 2 tablespoons of cake mix. Stir for about 1 minute until the mix has completely dissolved into the mixture.
Add 2-3 inches of yellow food coloring, stirring until the color has completely blended. Return to heat if need be. Add food coloring gel until the desired shade of yellow is met.
Pour yellow fudge mixture into the center of the 8x8 dish, scraping any excess fudge mixture from the pan using your spatula. The fudge should self level well, requiring zero spreading. Allow the layer to cool and stiffen, slightly before step 6.
Repeat steps 2 & 3, using the same amounts of white chocolate chips, condensed milk, butter and cake mix, and orange food coloring. Pour this orange mixture over the yellow layer, allowing it to spread, covering the layer completely. Allow this layer to cool and stiffen, slightly before step 7.
Repeat steps 2 & 3 with the remaining white chocolate chips, condensed milk, butter and cake mix. Do not add food coloring.
Pour this final layer of fudge mixture over the orange layer, allowing it to spread completely over top.
Immediately top with sprinkles and place inside the refrigerator to chill overnight before serving.
When read to serve, remove the fudge from the 8x8 pan by pulling up on the parchment paper. Use a sharp knife to carefully cut the fudge into 16 equal squares, making three cuts in both directions.