Even the Wikipedia the Jew-Encyclopedia is honest enough as to recognise the second requirement, and yet most Novus Ordites aren't. However, the Magisterium refers not only to the Church's ancient teachings but also to the teaching authority of the Church and those who have it. That being the hierarchy of the Church, whom the indefectibility promise also applies to. If almost the entirety of the Church's hierarchy, including the Pope, teach heresy for decades - is that not defection? Xavier's question still stands, where is the legitimate teaching body of the Church? Does it rest in the hands of Pope Francis and his Liberal goons? Bishops in the SSPX, or the Thuc line, or... etc.
Where do you get the idea that the hierarchy is indefectible? Do you believe they're infallible too? If not, then how is a fallible hierarchy able to be indefectible?
From: Who Shall Ascend?
...Contrary to such reasoning, it is within the Conciliar Establishment that one finds the historical and structural continuity of the True Church; even though they are serving Satan, those who hold ecclesiastical offices hold them legitimately. Those who say otherwise have not proved that, because these men are apostates from the Faith, they cannot be considered to hold any offices.
"One who is no longer a Catholic," they say, "cannot possibly hold an office within the Church, nor exercise legitimate authority." No, even though these individuals have incurred the censures of the Church's law for heresy, apostasy, the desecration of the churches, the violation of the Sacraments, for these and similar crimes, they continue to be the legitimate
authorities of the Church. And since they do hold these offices, others who seek to interpose themselves into authority over the Catholic faithful, commit schismatical acts in doing so, and themselves incur the penalties of the Code. - Fr. Wathen, Who Shall Ascend?