There are several very rustic hot springs pools on the San Juan River, just across from The Springs Resort (but free)
This beautiful hiking and fishing park is right down the street from the venue! To park, drive alllll the way around to the other side of the lake.
The Piedra River hot springs are located about 30 miles outside of Pagosa Springs, but they are worth including here for those of you looking for a day trip. These natural mineral water springs can be accessed by a 3-mile roundtrip hike.