I love these sort of threads
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Chez Gherkin it tends to go as follows.
DC (2 and 4 this year) wake up, DS will likely be up early this year because he woke up early last year because of the excitement for the first time. They come to our room and we all 'open' our stockings in bed (DC find their stockings hanging on their bedroom door handle when they come out).
We head through to the living room to see if Santa has been, and then the kids open their presents - one at a time rather than a free-for-all. We don't do a massive pile for each of them so it would be over very quickly otherwise. DH and I open our presents, which the kids like to help with, and then we have breakfast. Usually it's just their normal porridge and fruit because I like to know they've had something decent to eat before the Christmas food begins.
We get dressed, kids play/have a christmassy film on in the background while we do showers etc.
My parents and brother and sister come over around 10.30/11, and we have presents round 2 with bacon muffins, tea, coffee and cake/mince pies.
Around 2 my parents leave and for 2.30 we head to the PILs for dinner with PILs, SILs/BIL and DNs. Kids normally get fed their main first because there's not room round the table for 11, and DNs have historically not let SIL eat in peace so it works better that way. Then the grownups eat while kids play games/watch something/have a go at the activity I take down for them. We all eat dessert together, and then do presents. MIL does the kids presents as a bit of a free for all first, and then when the kids have their things to play with (she always does a toy, pjs, and a couple of little bits she thinks they'll like), grownups exchange gifts. SIL/BIL/DNs usually leave after this because they have to get back to their dog. We stay on a bit longer for drinks/games and eating sweeties.
Then home for telly and bed
Boxing day is far more chilled out.
For me the main cooking is sorting out bacon for 8 when my family are round. Every year I offer to help FIL with cooking the dinner but he says he works best under pressure, so I tend to be the one in charge of keeping children entertained while we're there.