I'm going to be alone on an island here, but....no, i don't think the dude should lose his job.
I know I will also be in the minority in saying that I think you look dumb announcing to everyone imaginable that your wife is having an affair. On some level, it says something about you that isn't positive.
1. Your choice of wives was not a good one.
2. Your wife was really unhappy and was looking for happiness elsewhere.
3. You are not very good in the sack and your wife was looking for someone that could do the job a lot better.
Any of those things is not good.
But, again, it was not an inappropriate relationship with virginia tech staff or student. The relationship was consensual. It should not be something someone loses their job over.
JMO
The reason he should be fired/resign is for misusing funds from Va Tech as these were "recruiting trips". That's worthy of losing his job in this situation. Not the affair