There's an awful lot of things to do in such a beautiful area of Colorado.  It just depends on what you like:

Click here for an interactive map, plus see the many links below:

Spring & Summer:

• Rafting (San Juan, Piedra, & Animas Rivers, and not too far from the Chama too)
• Kayaking
• Hiking to Waterfalls
• Rock Climbing
• Fly Fishing
• Fishing in Pagosa Lakes
• Mountain Biking
• Scenic drives
• Boating/wakeboarding  at Lake Navajo is just 30 minutes away 
• Golfing
• Horseback Riding
• Summer theatre

Fall:

• Hiking
• Fishing
• 4-wheeling
• Mountain biking
• Hunting
• Golfing
• Scenic drives

Winter:

• Skiing
• HotSprings
• Sleigh Rides
• Ice Fishing right by the house

Also Closeby:

• Mesa Verde National Park
• Durango/Silverton Steam Engine Train
• Chimney Rock Archeological Area
• Weminuche Wilderness, the largest contiguous wilderness area in the nation

A great source of information (and source many of the above links) is provided by the Pagosa Springs Chamber of Commerce.