There's plenty wrong with it, starting with the fact that S&S refused to cite all the Canonists who unanimously reject their interpretation (which they appear to have pulled out of thin air).
https://stevensperay.wordpress.com/2016/02/19/the-sin-of-heresy-why-john-salza-and-robert-siscoe-get-it-wrong-part-ii/
You're mixing and matching 2 different problems with 2 different solutions. As we both agree, there is the material and the spiritual aspect of the papacy. Or, there are human and the divine elements of the papacy. When Pius XII is talking about heresy severing one from the Body of Christ, he is speaking of the sin of heresy and of the spiritual office. It's fairly obvious to all of us that one can be guilty of excommunication (spiritually speaking) long before they would be deposed from office (materially speaking).
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In his 4th opinion, when +Bellarmine says that a "manifest" heretic loses office immediately, he is speaking of the material office, which is the whole point of his debates. When +Bellarmine says that "2 rebukes" are necessary for manifest heresy to be proven, he is arguing that for the MATERIAL OFFICE to be lost, you must have a MATERIAL (i.e. human) proof or process. The rebukes/warnings are an EXTERNAL manifestation of the heretic's INTERNAL/SPIRITUAL error.
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A heretic, whether formal or material (or occult/private), can still be severed from the Church SPIRITUALLY, which is what Pius XII rightly taught (and what +Chazal says). But this SPIRITUAL penalty does not affect his MATERIAL OFFICE, because, (from common sense) the internal forum cannot be known or be proven. So how does the Church depose (i.e. materially remove) someone from office? There has to be a process, which involves a HUMAN ELEMENT of the GOVERNING aspect of the Church. This process is St Paul's "2 warnings".
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Thus, as soon as a pope were to speak heresy, they could be presumed to be spiritually impaired (not only for the grave scandal, but also based on the objective heresy they spoke or acted). But...this would not affect their material office, since obstinacy is necessary for removal from a temporal standpoint. We all know that +Bellarmine said that we must resist a bad pope and to me, this means we ignore a spiritually impaired pope who speaks objective heresy, even if we don't know if he's obstinate or not (that's for the Church to figure out anyways). A spiritually impaired pope would be a "doubtful" pope in the sense that he is not to be trusted; his orthodoxy is questionable. Yet...his material office is still intact, until a material process is followed to remove him.
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Why can we all not agree that material heretic (not yet proven obstinate) pope is to be ignored, resisted, considered as severed (spiritually speaking)? All of this debating is over what happens to his MATERIAL office, which in the grand scheme of things, is lowly, as compared to his spiritual office. A non-yet-declared-manifest heretic pope, who still holds the material office, is practically the same as no pope.