Olivi was aware of the fact that he was living on the eve of the coming of the Third Age, of the final translatio ecclesiae when the hierarchy of the Church will be replaced by the elect: “transferetur propter eius adulteria ad electos.” Accordingly Olivi was not interested in papal infallibility as such, but rather in holding out this high doctrine of the papacy as a standard for all to see- to see and to know that the Third Age will have come as soon as a pope no longer lives up to this high set of qualifications.
… Hence infallibility proved to have been launched by an accused heretic without support from the earlier tradition…
The moment is near at which the final demarcation line between Rome and Babylon will be drawn: a pope who does not live up to the high qualities of his office prove to be a pseudo-pope, a pope “quoad solam apparentiam” , in appearance only. What first seems to be the highest elevation of papal office, is a test of orthodoxy which soon is to umask the antichrist. The eyes of all true belivers are on the pope: once he does err, we have entered the modern era, the time of the last things.
~ Heiko Oberman The Dawn of the Reformation pp. 12-13; 23; 24-25