You may only activate Retiring Pheldagrif's abilities before combat, and only once per turn, each.
: All opponent's creatures get +1/+1 until end of turn. Put a 1/1 green Hippo creature token onto the battlefield.
: All of your opponents creatures gain protection from hippos until end of turn. Gain 3 life.
: All of your opponents creatures gain flying until end of turn. Draw a card.
For Challenge # 140. I reversed who gets what on the abilities. But seeing that the positive abilities were all combat abilities, I needed to restrict when a player could 'turn them on' so that they remained relevant.
All things considered, if you don't mind your opponent attacking you with all their creatures every turn, you could gain 6 life, two cards and 2 1/1 Hippos in a two player game for (activating once on your turn, and once on your opponents.) Maybe this card is a little too good...