Heat oven to 350°F and line cookie sheets with parchment paper.
Mix 3 large eggs, 1 cup packed light brown sugar, and 1 cup granulated sugar in a large bowl. Add 1/2 teaspoon salt, 1 teaspoon vanilla extract, 12 ounces smooth peanut butter, and 1/2 cup unsalted butter and mix well.
Add 1/2 cup M&M's, 1/2 cup chocolate chips, 2 teaspoons baking powder, and 4 1/2 cups rolled oats and stir until combined.
Drop roughly 2 Tablespoon scoops of dough onto the prepared cookie sheets.
Bake 8-10 minutes. Cookies will still be soft and appear undercooked. Do not overcook. Let cool on the pan for 5 minutes, then transfer to a wire rack to cool completely. Store cookies in an airtight container at room temperature, or freeze.