Preheat oven to 350°F. Spray a 13x9-inch baking dish with nonstick cooking spray.
In a medium bowl, combine graham cracker crumbs, granulated sugar, and melted butter. Mix until evenly moistened.
Press crumb mixture firmly into the bottom of prepared baking dish. Bake for 15 minutes, then cool completely on wire rack (about 30 minutes).
Beat cream cheese in large bowl until light and creamy, about 2 minutes. Add sour cream and mix until combined.
Gradually beat in confectioners' sugar, then stir in vanilla extract. Gently fold in 1 cup of whipped topping.
Spread cream cheese mixture evenly over cooled crust.
In another bowl, whisk together butterscotch pudding mixes and cold milk until thickened (2-3 minutes). Let stand 10 minutes.
Carefully spread pudding mixture over cream cheese layer. Spread remaining whipped topping evenly on top.
Cover and chill for at least 4 hours or overnight. Before serving, drizzle with butterscotch sauce and sprinkle with butterscotch chips.