You may, or may not have noticed that in certain parts of the interweb, groups of people that are generally referred to as "Overclockers" have managed to get their cheap Celeron G6900's and Core i3-12100's to run at much higher clock speeds than Intel intended and now the company is unhappy about it, as they're anticipating that they're going to lose sales of more expensive CPUs. As such, Intel has issued a warning via Tom's Hardware
"Intel's 12th Gen non-K processors were not designed for overclocking. Intel does not warranty the operation of processors beyond their specifications. Altering clock frequency or voltage may damage or reduce the useful life of the processor and other system components, and may reduce system stability and performance."
Jokes aside, the lower end SKU's of Intel's 12th gen Alder Lake CPUs seem to be phenomenal overclockers, if you have the right motherboards. If the motherboard doesn't have an external clock gen, plus support for adjusting the BCLK on non-K CPUs, then you're not going to have much luck. This means, at least at the moment, that you're looking at fairly pricey Z690 motherboard, although there are rumors that we can expect the odd B660 motherboard that will get an external clock gen, with at least three models already reported to have BCLK adjustment support via beta UEFI updates. Pro Overclockers have already managed to hit speeds in excess of 5.3 GHz with the Celeron G6900 and that is only by adjusting the BCLK and the Voltage, which is no mean feat, as the CPU has fixed clock speed of 3.4 GHz, which makes this a 57 percent boost in clock speed. Intel is said to be looking into this unintended ability to overclock these CPU SKUs and is apparently looking at locking down this ability with a new microcode update in a future UEFI release.
Update: Added a screenshot from TPU's upcoming Core i3-12100F review, showing 5.2 GHz at 130 MHz BCLK.