Check out the work by Wunderkammer. I like that she stays true to life without getting all Disney/Cutesey/Anime. This means, essentially, that the eyes are in the right place and not necessarily in the best place for a cartoon franchise. But the name, crocheted Cuddlefish (for Cuttlefish), does make me smile. I must add the pattern to my archive.
Dooptheory has some exquisite little octopi and squids.
I am so tempted to buy one but haven't come up with a solid justification just yet. Her design is her own and very cute while not straying far from reality. I am so tempted to commission a red, red, red one.
Partly to blame for my renewed interest is stumbling across Tokkyu2222 Takoyama.
His Octopi are exquisite and BIG.
When I am rich(er), I would like to commission him to do one.
And while not cephalopods, Ugly Gerbil's Cthulhu Babies do have tentacles galore. I find their single, glaring eye irresistable. I confess that a red one is in the mail.