Let's Not Play Tag in the Living Room
The answer is, it depends. (Don't you just hate when I do that? But let me explain why...)
Playing with Fluffy is always a lot of fun. The exercising, the bonding, the good times... are all reasons why we decided to become dog owners. The important thing is to let Fluffy understand where he can play.
As humans, we have the ability to understand that when we are home, by ourselves, it might be OK to rough house inside. When we have a dinner party with guests wearing nice clothes, we understand that it is not a good idea to go "nuts". We can understand "We can go nuts except when we have guests over".
Now we come to Fluffy. Fluffy can understand "We can play rough inside". Fluffy can understand "We can not play rough inside". Fluffy can not make the distinction of "We can play rough inside except...". No matter how much we love Fluffy, we have to remember that he is a dog and does not have the ability for higher lever cognitive thought.
So we get down to the decision of allowing Fluffy to go nuts in the house when guests are here or not. I think that it would be best to say "not". Besides just being annoying, he can jump and ruin nice clothes or jump/push/nip small children and possibly make them afraid of dogs the rest of their lives.
Here's what you do. Let's take all the rough housing outside in the back yard. Isn't that where you would play football anyway? I don't think that you would play football in your living room! Play Frisbee, let Fluffy chase you, even set up a small agility course and run him through that. Build that bond outside where you have the ability to go nuts. When you come inside, do more of the gentle petting and correct him if he starts to ramp up.
Do this and you will have a great dog that understands your rules and will be great around your guests. For more information, please contact The Best Dog Trainers in South Florida.