Pagan theology is the discussion of pagan ethics and values and a discussion on the nature of the gods, and our relationship with them and the world.
It is not the laying down of dogma for all Pagans to believe. It is always discursive, and always provisional. It is a conversation amongst the community, not the laying down of the law by experts.
Right-wing Christianity is deeply concerned with what its members believe, not for practical reasons about how they relate to the world, but because right belief is held to be the means to salvation. Gus di Zerega is right that we do not need that sort of theology in Paganism. We do not need systematic theology, we do not need dogma, and we do not need creeds. But we do need a discursive, organic, and relational theology.
The theology of left-wing Christians and Unitarian Universalists is much more discursive and exploratory. It is about relationships between people as much as it is about relationships with the divine. It seeks to explore a way of being in the world that encourages human flourishing. I believe that that theological conversation is worth having.
If polytheists are so keen to articulate the manifold nature of divinity, it is precisely because what we think about deities is mirrored in how we think the world works. As both P Sufenas Virius Lupus and Julian Betkowski have pointed out, if you think the Divine is a single unified entity that is immanent in the world, then you are likely to erase and dismiss distinctions between things and not value diversity as much as perhaps you might.
If you think that the nature of the divine is a transcendent being who is completely separate from the world, then you are likely to despise the world and want to go and be in the presence of your deity.
If you think that the nature of the divine is one God and one Goddess, then you are very likely to view them as a heterosexual couple, and to elevate heterosexual union above other forms of union.
If you think that there are many gods, then you probably think that there are many ways of being a god, and there are many ways of being human, and many different experiences of the world that are irreducible to each other.
If you think that the answer to the question, “why do bad things happen to good people?” is “because they did something to deserve it” (e.g. in a previous incarnation, or something) that is a theological answer, and your attitude to people to whom bad things have happened is going to be less than compassionate.
One of the reasons we need to articulate a Pagan theology is to present an alternative to bad theology like “bad things happen to good people because they did something to deserve it” and “all religions are really one so they should all merge into one big happy family” or “the Earth was given to humanity to subdue and use”. Whilst that last attitude is not a Pagan one, it is deeply entrenched in Western culture, due to the influence of right-wing Christianity, and needs to be replaced with the idea that the Earth is a being in Her own right, to be respected and cared for. If we do not articulate Pagan theologies and discussions, bad theology will rush into the vacuum and affect the way we relate to each other and the world.
If we do not talk about what the gods are and how they relate to the world, we will just end up with a very shallow view of what they are. I think it is well worth exploring apophatic theology, which emphasises the mystery of the nature of the divine. What would an explicitly Pagan apophatic theology look like?
I am fed up with Pagans saying that we do not need theology. We do need theology, we just need good theology, not bad theology. Good theology is any theology that promotes flourishing of all life; bad theology is any theology that makes people miserable.
People who say that we don’t need theology want to sweep all dissent under the carpet. They don’t want to think deeply about the nature of deities and how we relate to each other and the world. They seem afraid of other people having a better articulated position than they do. Perhaps they are afraid that their authority will be undermined by the “new kids on the block” who are not afraid to discuss theology, because they are not afraid of a difference of opinion.