It really depends on the dog/s...
With Maddie, she tolerates puppies, but she's not too crazy about them. Mostly she ignores them, and she's quick to correct any behavior she does not like. But, if they have "dog manners" after she knows them for a while she will play with them
So, the dynamics will probably change a bit, especially at first, but as long as you are consistent with the behaviors that are/aren't okay for you it should work out
Perhaps the puppy will increase their activity level and have them playing more
That's what Missy always does... plays like a puppy!