I shared your pain for years... nothing chapped my hide more than putting thought into getting something for someone and then having them give me something that was clearly just in the bargin gift section of a store and had zero thought in it (pretty certain then you are given fishing stuff and you don't fish).
In my case we found the best way of doing it was to plan a trip to Disney during Christmas, we told everyone at thanksgiving that we weren't going to be around for Christmas... it pretty much solved the problem that year and the next year others started opting out of Christmas... I think it was something a lot of people wanted to do but no one knew how to do it.
Good luck, and if all else fails... start giving crappy gifts... nothing says I don't give a damn like a Hickory Farms gift pack.
In my case we found the best way of doing it was to plan a trip to Disney during Christmas, we told everyone at thanksgiving that we weren't going to be around for Christmas... it pretty much solved the problem that year and the next year others started opting out of Christmas... I think it was something a lot of people wanted to do but no one knew how to do it.
Good luck, and if all else fails... start giving crappy gifts... nothing says I don't give a damn like a Hickory Farms gift pack.
It's still fun though! 
), so we used that as an exit from exchanging gifts. It was a much nicer December, not having to run around like a madwoman.
It has worked well.