Need advice.

First of all, I will start with: I'm the bad guy in this story and I'm fully aware of that. I don't need clarification of that.

However, I'm sure I will still get it.

I cheated on my significant other (which began 7 months ago..)

Before everything blew up and was exposed just last week, the guy and I were still seeing each other.

My SO and I have a son.

The other man (who is also in a relationship) has 2 children.

The deal is, I'm 28 weeks pregnant. The time period in which I got pregnant makes it extremely likely if not a definite that this other man is the father. All parties are aware of this. The other man and his SO are saying that he wants to give up all parental rights to this child should he be found as the father (mainly because he wants zero financial obligation since they already struggle with 2).

My SO is still deciding whether he wants to give me another chance and stay with me. He is also saying that if he does, he would like for the other man to give up all parental rights, not be involved whatsoever, and he would legally adopt the child. He says he understands that this is a lifetime commitment. I'm just worried about everything. The other man and I have not been in contact since this was made known to our SO's. I personally believe that we should speak because there is a LOT to be discussed. I understand that his significant other as well as mine do not want us to talk at all but I feel that it's important in figuring out what's going to happen with this child. My first question is: Should I try to push the point that he and I need to talk or leave it be?

I have so much going through my mind.

What if my SO and I split up one day for other reasons and he's now legally the father.. Will he have negative feelings towards this child because of the circumstances? What if the other guy tries to come back sometime down the road? Would it be wrong to keep him away from his child even if he's willing to voluntarily give up his rights as of now? (This man is a good father to his other children and he has told me in the past that he hates he won't be able to be around for this baby although at the time he was saying that because he obviously wouldn't be able to since we are both in other relationships)

I kind of think that we should leave things alone. As in, the baby have my last name, me file for sole custody of the baby, but not have my SO adopt him.. at least not immediately so there is more time for thinking.

I believe it is far too large of a decision to be made in a few short months.

I will add, this guy looks nothing like my SO, so I am very certain the baby will look much different than my first son. My SO has black hair and green eyes, this other guy has blonde hair and brown eyes.

Our families are not aware and only a friend or two knows on each side. I'm not sure who all this other guy and his SO have told.

Another concern of mine is the questions that will come about this baby's appearance. Particularly from family. Will we have to tell everyone what happened? I'm certain I would be forever hated by his family. I'm not sure if they'd be able to treat me the same once finding out.

I know I should be thankful in this situation that I have a SO that would be willing to do such a thing, I'm just concerned about the long run. Do you think it's a good idea for me to allow the other man to give up rights if my SO is willing to adopt? My friend as well as my SO's friend have told us that it's complete bullshit that the other man is "getting off with no obligations" after what has happened and I agree. However, it's not about punishment... I want the best for this baby and I'm not sure what to do.

I'm mainly looking for outsiders' points. What questions come to mind for you? What should I consider? What would you do if you were me or if you were my SO?

Again, like I said at the beginning, I am aware that I have been a horrible person for over half a year. This is probably the worst thing a person could do to someone. I know this. Ive never cheated prior to this and honestly could never see it happen again. I would appreciate any comments that are helpful in one way or another but I do understand some people can't refrain from posting non-helpful hurtful things.