Adjust the oven rack to the center of the oven and pre-heat oven to 350˚ F. Thoroughly spray the inside of a 10-12 cup bundt pan with baking spray. Whisk together the dry ingredients: flour, baking powder and salt in a medium bowl. Set aside.
In a large bowl or stand mixer fitted with the paddle attachment, beat together the butter and sugar for 3-4 minutes on medium. Scrape down the sides of the bowl.
Add the eggs, one at a time, mixing until incorporated. Add in vanilla extract. Scrape down the sides of the bowl, as necessary.
Alternate mixing in half of the dry ingredients and half of the milk to the wet ingredients until everything is added. Mix until just combined. Transfer the batter to the prepared pan and smooth the top with an offset spatula.
Bake for 45-55 minutes. The cake is done when a toothpick comes out clean and the cake springs back when lightly touched. Let the cake cool for 10 minutes in the pan. The edges of the cake will start to pull away from the pan while it cools. After 10 minutes, invert the cake onto a wire rack or cake plate and lift off the pan. If using a nonstick Bundt pan and it was well greased, the pan should easily release the cake. Cool completely before glazing.
To make the glaze, whisk together the powdered sugar and milk until smooth. Add the salt and food coloring (if desired) and mix to combine well. Drizzle over the cooled cake and top with sprinkles.