My boy can also get worked up, especially in the winter when he doesn't do as much outside. We will be playing and he will start to get rough. Fortunately I have an "off switch" for this. He understands when I tell him he's out of line. I just say "hey", or "settle down" or something similar. ("ouch" works too!) This started, I think, because my husband would get him wound up. His nips were never meant to be nasty, just going beyond comfortable, and I got onto this early, so it isn't an issue. I can tell you what I did, initially, but I expect I may get jumped on if I recommend it. I would restrain him physically when he got out of hand. I am not recommending it, as I don't know your dog. But with mine, I would just hold him still and quietly tell him to stop his behaviour. When he settled down, I would release him. I have always used this tactic with puppies, but with a mature dog you could potentially make his behaviour worse if you don't "read" him right.
If this nipping is becoming a frequent problem and you don't soon find a solution, I would cease all physical play with him for awhile. Concentrate on games that keep him busy but don't involve any roughhousing or anything that can lead to it. Maybe keep him busy with clicker training new behaviours, which will give him mental stimulation and should also lead to more control of him.