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Step 1:
Paint paper plate with watercolors to look like the body of a jellyfish. Make your designs radiate out from the center of the plate. Some jellies have tiny eyespots around the edges of the bell, and the edges are sometimes scalloped. Draw eyespots and/or scallop the edges of the plate. Let plate dry.
 

Step 2:
Cut and curl long pieces of ribbon for the tentacles. Attach ribbon to middle and outside edge of the paper plate.

 
Step 3:
To form the mouth, cut out strips of paper wider and shorter than the ribbon for the tentacles. Make the edges of the strips of paper wavy and uneven. Attach several strips of paper to the center of the underside of the jellyfish to form the mouth.