plenty of ways to play your thesis - for example shorting COT is one idea - but just buying puts on KO/PEP is an easier way of doing it. there is ZERO market expectations of PEP/KO trading even close to those valuations. It's not a terrible idea and a potential for a home run if you are correct.
PEP at 15x earnings would be 68 dollars. puts are very cheap on the name.
the problem with shorting FIZZ is that one hit product can lead you into the poor house. that isn't going to happen with PEP/KO.
soda is less than 50% of FIZZ anyway. but in the near term you are right. the company is in a big funk and has really screwed up the past 2 quarters. i am willing to give them the benefit of the doubt though