in my opinion, the reformation was not the problem but the reformers
it is important to remember that MLs intentions were to REFORM (hence, reformation) the CC. And the origin of "protestant" comes from "protesting-catholic. Unfortunately, MLs followers decided to just pick up a Bible and start their own church because they considered themselves to be infallible. Pope Leo X should not have excommunicated Luther but rather think about it and pray and fast over the 95 thesis, ML made some GREAT points.
in short, he should have kept the rulings of all seven Ecumenical Councils and not just the first four and done more (as well as Anglicans) to re-communicate with Holy Orthodoxy, but I'm glad Jeremiah II didn't get into the pan-heresy/offspring of all heresies