If you do a gift exchange of any kind (Yankee Swap, etc.), google "The Wright Family" for a fun story to rotate the gifts around back and forth before each person opens theirs. If the kids are really little, make the gifts "family gifts" so that no one is disappointed by the trading that goes on. Or they can all be small cookie assortments that everyone shares at the end.
We've done this at office parties and it becomes the entertainment.
Have you done "The Memory Game"? Put a bunch of random objects on a tray, cover it with a cloth, then remove the cloth and let everyone "study" the items for a while. You set a time limit like 60 seconds or use an egg timer, then cover or remove the tray. Each person (or team) starts a list of what was on the tray, and the one with the most on the list wins something. Little kids can help with the memory part while an adult or teen records them.
Use common household items: keys, safety pin, paper clip, pencil, napkin, marble, stapler, spoon, push pin, roll of tape, puzzle piece, you name it. You want probably 2 dozen items. You can include holiday/seasonal items if you want (ornament, cookie, pine cone). It's not a game that adults are that much better at than kids, so it's a good equalizer. And no purchases required other than whatever you're giving out as a prize. Or, skip the prize and just have fun.