That answered what I need to know. Now, if I did redeem for a sleeper, would my wife also have to redeem hers for a sleeper?
No, if you redeem points for a sleeper, then your wife goes along for free, no points and no extra money. She also gets all meals included too. The points are good for however many people fit into the room, so in the case of a family room, one award would allow 2 adults and 2 kids to travel in the room.
Just make sure that you tell the agent when booking that your wife is traveling with you, as they still need to put that into the computer such that you both get tickets.