If your punch bowl is too large to fit in the fridge, refrigerate the cranberry juice, and tequila. This way, when you add them to the punch bowl, they're already chilled. For extra boozy orange slices, place the orange slices and the tequila in a bowl or pitcher. Let them soak in the tequila until you add them to the punch bowl.
Make the punch:
Pour the cranberry juice, Sprite, grenadine, and tequila into the punch bowl and stir to combine. Add the orange slices and cranberries, if using for garnish.
Serve:
Place an ice bucket next to the bunch bowl. Adding ice to the punch bowl will dilute the punch.
Fill a cup with ice and ladle the boozy punch into the cups.