All great advice - I am still on the waffle side of not telling right now, but that could change, especially after the kids come home next week. They are both in college and very mature. She is afraid that she would lose the kids if they found out - sometines I say, well, those are the consequences. But the kids will still love her as she is a great mom.
Those are ABSOLUTELY the consequences. Your children are adults, and deserve to know the truth. Your last sentence here answers the dilemna for yourself.
You seem to want to protect your wife from the consequences of her infidelity. Why do you suppose you do that? Is it fear? Guilt over your own prior EA? Something else?