Rumors and speculations have swirled for weeks about when Pope Benedict would name new cardinals and call a consistory in which those cardinals will be formally elevated.

It’s tempting to shrug at even more Vatican inside baseball, but this is important – we’re talking future Popes here! (Probably – although they can go outside the College of Cardinals, of course.)

I must admit that I got a bit nervous in mid-January because the hot rumor then was the consistory would be tomorrow- February 25, the Feast of the Chair of St. Peter. I had just booked our apartment, which is close to St. Peter’s, and was convinced that if there was a consistory, we’d be kicked out and be on the street, our place taken by some bishop’s sycophant with lots of dollars or Euros to throw around.

Well, yeah. I know – it wouldn’t draw the same crowds as a Conclave, but still, I got worried. Hey, you want theology and deep thoughts? Go read Pontifications!

Over the past week, the suspense has heightened, with opinions and reliable sources saying this and that, surely March would be too soon, maybe next summer…but it seems – no.

The Catholic Outsider has gone back and forth, saying that a consistory would be announced tomorrow for March, and then, in his most recent post, pulling back, and indicating his sources said no, it’s not going to happen.

The American Papist is all over the story (see several recent posts) and has a link to an Italian news story:

Benedict XVI – explained an authoritative source to AGI – does not intend to repeat the format of John Paul II who held a Consistory every three years, making a high number of cardinals every time.

The new Pope’s idea is rather to nominate a small number of cardinals every year, necessary to complete the College of 120 electors." In this way Pope Ratzinger, "will also have the opportunity to meet every year with all cardinals worldwide, to give concrete actuation to the principle of collegiality that characterises the nature of the cardinals."

All Rocco’s saying is that he’ll be up at 5:15 awaiting the news

(And you can too – The General Audience, at which it would be announced, is broadcast live via Vatican television)