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Abdicating the papacy, electing the next pope, and smoke signals: explained

So, why is it a big deal that the Pope abdicated?

White smoke is blown out of the chimney of the Sistine Chapel at the Vatican, symbolizing the election of the new head of the Catholic Church, Cardinal Karol Wojtyla, 58-year-old archbishop of Krakow, Oct. 16, 1978. (AP Photo)
White smoke is blown out of the chimney of the Sistine Chapel at the Vatican, symbolizing the election of the new head of the Catholic Church, Cardinal Karol…AP

Jane Timm