It may be a little late for you to implement any of these this year, but here are some Christmas traditions my family enjoys. Feel free to plagiarize. It's not like any of them were my original ideas anyway.
Christmas Tree: Each year we get a live Christmas tree and our kids get to decorate it with the ornaments they've collected or received. This year we cut down our own tree for the first time. (Careful if you do that, they can be deceptively big out in a field.) You can't beat the smell of a live tree and decorating it with your kids while Christmas music is playing is borderline magical.
Festival of Lights: Kids love this Christmas attraction in East Peoria. We make sure the adults in the family love it to by making a Starbucks run beforehand.
Sticky Rolls Christmas Morning: When we got married a family gave us a recipe for "Christmas Sticky Rolls." We made them our first Christmas together, and ever since then they have been an ongoing tradition: they are so good.
Presents: This may sound funny, but as a family we enjoy thinking and planning gifts for each other. It's been fun to watch our older boys think through what gifts they want to get each other. Overall this helps with the "gimme gimme gimme" attitude you see at Christmas. And don't be afraid to set limits on gifts, for yourself especially. You don't need to give or receive any gifts to exist as a human being. So give a few good ones and enjoy.
Time with Family: Another obvious one, but time together with our family, and then with both extended families is fun and priceless.