Now Westie, don't be so glum. I promise I'll give you a happy ending, even though happiness can take different forms.
I'm so glad that you remember that college-aged arrogance. Without that as a reference point, it can make understanding Matt a little difficult. At this point in time, Matt has the world by the balls. He's got looks, money, and brains. He's on the fast-track to success in life. He's got an amazing boyfriend who is cool with him fucking around on the side, and seems to understand his slutty nature. He's the captain of the hockey team, which gives him status as a leader. It's easy for all that to go to his head.
I think it's inevitable that a bright guy like that will ultimately wake up and get a clue. He's bound to have at least one epiphany. The question you raise is really the biggest one of all: after he does, will Wade be able to forgive him for being untrustworthy? As you noted, Wade's background would suggest that once you cross that line, you're done, but then again, Wade doesn't always follow the WDC handbook.
And as far as the TV goes, revenge can be overrated, but not always.