"At this time one of the ministers brings the degradandus a crosier, which the degrading prelate takes from his hands, saying, "Thy shepherd's staff we take from thee, that thou shalt be powerless henceforward to exercise that office of correction, which thou hast brought to disarray."
For the full text in Latin see Pontificale Romanum (1895)
Yup.
But I think Benedict may be thinking of topping off degradation with excommunication for Law and any of his assistants.
Like I said, you won't want to be anywhere nearby when Benedict gets around to Law. I also suspect that Law is in Rome because Benedict wants Law where he can keep an eye on him until Law's time comes to answer for his actions.
Thanks for those links.