Why not just set a timer on your smartphone and when it goes off turn off the kid's console..
This is no magical fiction world, I assure you.
Respect them, have reasonable rules, discipline every single rule violation (most important), and have fun. Suddenly you'll find kids are awesome.
The timer method does work (tried and true), but it's far, FAR easier if the computer automatically locks the account.
Why not just set a timer on your smartphone and when it goes off turn off the kid's console..