NY Times:
Pope Benedict XVI, the former Cardinal Joseph Ratzinger who took office in 2005 following the death of his predecessor, said on Monday that he will resign on Feb. 28, the first pope to do so in six centuries.WaPo has Pope Benedict's statement here, which cites health as the reason.
Note that this is a once in six centuries event.
Note also earlier articles this year about scandals at the Vatican here and here.
More discussion in gizmo59's recommended diary here.
UPDATE: As of this writing, there's no word on Stephen Colbert's availability for the job.
UPDATE:
Reporting for duty, Vatican City!— @ColbertforSC via web
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