Prepare the Berry Blue Jell-O according to the package directions, using the recommended amounts of hot and cold water.
Pour the prepared liquid Jell-O into clear plastic cups, filling each cup about two-thirds full. Leave space at the top for the whipped topping.
Refrigerate the cups for at least 2–4 hours, or overnight, until the Jell-O is fully set.
When ready to serve, assemble the bear floaties: slide one Teddy Honey Graham cracker through the hole of a gummy Lifesaver so the bear sits inside the ring like an inner tube. Repeat for all bears.
Scoop the whipped topping into a bowl. Add a small amount of blue food coloring and fold it in gently just a few times - do not over-mix. You want a swirled blue-and-white effect that looks like waves.
Remove the set Jello cups from the refrigerator. Spoon a generous amount of the blue-swirled whipped topping on top of each cup, creating soft wave-like peaks.
Place 1–2 bear floaties on top of the whipped topping in each cup.
Serve immediately and enjoy!