Enter the basket solution.
Mac gets one basket of toys out in our living room. With the exception of two larger items (a push walker thing and a sit-on excavator), if it doesn't fit in the basket, it's not accessible to him.
Because Mac has generous people in his life, he has way more toys than fit in the basket. I keep them packed away in a few tubs. When Mac (and by Mac I mean the things I assume Mac thinks) gets bored with some toys, I swap out the toys in the basket for one of the reserved tubs. There are a few of my favorites (the push popper and tub of shapes) that stay consistently, but almost everyone gets the swap treatment.
I switched out the toys last night--and it was like Christmas came this morning.