Jeopardy Deluxe Edition board game. $20
Barnes & Noble, Kohl’s, and Walmart all carry it. Easy to find online.
Sigh. I’m getting way too into this. Last suggestion, I SWEAR.
Airplane sized bottles (1 of each) of Jim Beam, Johnny Walker, Jameson’s, Jack Daniels, a nice glass or a jigger, and some Jolt Cola.
Yeah. I’ll go away now. 
A jerboa.
If you’re considering games, I’d recommend Jaipur.
A football card set of the Jacksonville Jaguars
A Jam Jar full of Juicy Pear Jelly Bellys
Jack Daniel’s.
$25 worth of assorted Jelly Bellies would be the hottest gift in the room!
jam
Jammies
Juice
Juiceros should be around $25 now. Can’t get much whitey elephantier than that.
$25 worth of Jack In The Box tacos
Joke books (probably should make sure you don’t get any too risqué)
Juniata College t-shirts (available for $19.99 each)
Jar full of lottery scratch off tickets
Pardon me while I rant.
This is NOT a white elephant gift exchange; it is a “white elephant” STYLE gift exchange. The last white elephant I went to, we were told white elephant, but no one mentioned they didn’t want real white elephants. It was very embarrassing to bring a real white elephant gift, because everyone else had bought something new.
Earrings or a broach made from jade or jasper.
Of course, I read this and pictured you bringing a literal white elephant. How embarrassing!
Nowadays the perfect example of a white elephant, in the sense of “a possession that is useless or troublesome, especially one that is expensive to maintain or difficult to dispose of,” would be a CRT television or monitor. Anybody ever try giving someone one of those as a white elephant gift?
Jodhpurs
Convince everyone that “gift” is pronounced with a soft g. Then any gift is a … jift.
Rant permitted. For our upcoming Christmas white elephant *style *gift exchange…
Also, the Wikipedia article on WEs is interesting:
mmm