It is being reported that HH Pope Francis has reduced the grades of monsignor from 3 down to 1 (keeping only “Chaplain of His Holiness”), and has raised the minimum age requirement to 65.

http://vaticaninsider.lastampa.it/en/the-vatican/detail/articolo/31027/

I wonder what the heraldic implications will be, if any…

If I am not mistaken, it was in 1968 that The Venerable Pope Paul VI reduced the number of monsignori grades from 14 down to 3:

http://upload.wikimedia.org/wikipedia/commons/thumb/c/c7/External_Ornaments_of_a_Popes_prelate.svg/200px-External_Ornaments_of_a_Popes_prelate.svg.png – Monsignor, Apostolic Protonotary de numero

http://upload.wikimedia.org/wikipedia/commons/thumb/6/60/External_Ornaments_of_an_Apostolic_protonotary.svg/200px-External_Ornaments_of_an_Apostolic_protonotary.svg.png – Monsignor, Apostolic Protonotary supernumerary

http://upload.wikimedia.org/wikipedia/commons/thumb/6/6e/External_Ornaments_of_a_Domestic_Prelate.svg/200px-External_Ornaments_of_a_Domestic_Prelate.svg.png – Monsignor, Honorary Prelate of His Holiness

http://upload.wikimedia.org/wikipedia/commons/thumb/c/ca/External_Ornaments_of_a_Chaplain_of_His_Holiness.svg/200px-External_Ornaments_of_a_Chaplain_of_His_Holiness.svg.png – Monsignor, Chaplain of His Holiness

I am sure Fr. Guy can better describe the heraldic implications of this change, if true; personally, I regret what I see as overreach in the trend toward simplification and humility.

steven harris;101231 wrote:

It is being reported that HH Pope Francis has reduced the grades of monsignor from 3 down to 1 (keeping only “Chaplain of His Holiness”),

You have been misinformed

There has been no abolition or reduction in the grades of those members of the Papal Household addressed as "monsignor". Prothonotaries Apostolic (of both kinds; de numero and supernumerary) and Prelates of Honor as well as Chaplains to His Holiness will still be made. However, those of the upper ranks, as was the original custom, will be made within the ranks of those clerics who actually work in the Papal Household, i.e. those working in the Roman Curia or in the Holy See’s diplomatic corps.

The only thing being restricted are those clerics around the world given papal honors. These, upon recommendation of their bishop, will be granted the lowest grade, Chaplain to His Holiness, and ordinarily (although not exclusively) after having reached the age of at least 65 years. In other words, it is being given to those priests who have done extraordinary service to the Church for a number of years.

This is a return to the practice as it was at the turn of the last century.

steven harris;101231 wrote:

I wonder what the heraldic implications will be, if any…

There will be none.

steven harris;101231 wrote:

http://upload.wikimedia.org/wikipedia/commons/thumb/c/c7/External_Ornaments_of_a_Pope’s_prelate.svg/200px-External_Ornaments_of_a_Pope’s_prelate.svg.png – Monsignor, Apostolic Protonotary de numero

This is incorrect. What you have illustrated here is the galero of the (now defunct) "Prelates di Fiochetto". There were only three such offices and they have now been either eliminated entirely or are now filled by men of higher rank, usually archbishops. The galero of all Prothonotaries Apostolic is identical and has twelve tassels.

This is a restriction on how these titles are granted not an abolition or even a restructuring and from a heraldic viewpoint this is a non-story.