Yes, there were many deities. But they were not omni-present or omni-potent, like "the One" in this thread. The greek deities were competing with eachother, like in a soap-production. They kept things hidden for eachother and were plotting against eachother.
The lord of the christians is completely different. It is not a simple deity, that lives in the creation, but something above and beyond creation.
I did not state, that all deities were derived from the teutons. I stated, that the word god is an ancient teuton word. According to "Jan de Vries: Nederlands Etymologisch woordenboek" (Dutch etymologic dictionary) the word "god" was without gender. Jan de Vries was a famous authority on teuton language, culture and mythology, author of "Altgermanische religions geschichte".
It would be wrong to compare the deities from the pagans with god as creator of the universe or to compare them with "the One". As soon as you start worshipping "the One", you are no longer a pagan.
Andreas Firewolf wrote in many of his works, that religious wars started with the believe that there is only one god. In short:
If there is only one god (your god)
with a set of rules (your rules)
and another person believes in another deity
with another set of rules
you have a problem.
To this problem there are several solutions:
1. You conclude that you are wrong, so you convert yourself to another god and another set of rules. This does not solve the problem, because sooner or later you meet again somenone with another deity and another set of rules.
2. You conclude, that other people are misguided.
2a. You try to convince the poor misguided people of your superior believe with words and reason.
2b. You ignore the poor misguided people, because they have not evolved to your superior state of evolution.
2c. You force the poor misguided people to believe what you believe. For there own good, offcourse.
Those that refuse to change their believe-system should be destroyed. In the 15th and 16th century christians burned eachother at the stake, because they believed that the other christians had the wrong version of the christian lord. They did that for there own good, offcourse. It was to save their soul.
Pagans do not have this kind of problems. Since there are many deities, it is natural that another person has another deity and another set of rules.