The College of Cardinals gathers to elect a new Pope from their number when a serving Pope dies. There are three levels of Cardinalship in the Church.
Cardinal Prelates- Cardinal Prelates are the Bishops and Archbishops of very large or religiously significant Dioceses. A pope can bestow a Cardinalship on a minor bishop as well, however this practice is not very common in the modern Church.
Cardinal Prelates wear a red biretta with a red pom-pom. Only Cardinal Prelates are eligible to be considered for a pontificate.
Cardinal Clerics - Cardinal Clerics are priests and monsignors that are elevated to Cardinalship based on service, merit or miracle. These Cardinals are the most numerous, but are usually awarded cardinal dioceses upon the vacancy of such positions.
Although Cardinal Clerics are part of the selection process, they are not eligible to become Pope. Cardinal Clerics normally work at the Vatican or in the Papal Diplomatic Corps and their status is often considered equal to that of a bishop.
Cardinal Deacons- Cardinal Deacons were once Knights of the Church. As their soldierly duties were slowly removed in favor of liturgical ones, they became defenders and apologists for the Church against heresy and pretenders.
Bishops, today, ordain Cardinal Deacons in a ceremony that more resembles a Knighting than an ordination. This is based on the fact that that order is descended from the Church Knights.
Cardinal Deacons are chosen from religious orders and are educated in proper procedures for defense of the Church against heresy.
Cardinal Deacons are allowed a vote in the selection process for the Pope, but are not eligible to seek the position. Only an order of the Pope can elevated a Cardinal Deacon to the level of Cardinal Cleric.