I suppose I'm a little confused about the people who use the word "cuckold" yet talk about mutual "play". As someone else said, I think cuckolding implies that the husband is "not" necessarily in favor of it but feels used and left out. If he's there voluntarily or feels it's "play" and if his wife sort of reciprocates, then I'd call it swinging.
To me, if the husband is there, he's sort of forced to watch and NOT participate with his wife but is left out in the cold watching or listening or feeling like he's not that welcomed. If he's considered an equal in the relationship, then in my book, it's a manage a trois or a threesome or swinging. I had a relationship with a woman who's husband knew about me but was not welcomed to be with us. He simply had to hear about it from his wife and wonder and imagine. I always sort of felt that part of the "satisfaction" a cuckold got from the relationship is feeling like he's the outcast and weak and put upon by his dominant and free wife. If he's giving her a "hall pass" and likes to participate, then in my book it's not true cuckolding. Just my thoughts. Others may disagree.
I agree. I've attempted to do several role plays on here going by your definition, but too many guys want to participate, and not get off the humiliation, teasing, etc.