The Papal States are a small Italian Minor, bordering Aragon to the south and Ferrara and Etruria to the north. Because the Papal States are Italian-Cultured, they can form Italy.
Overview[]
The Papal States have some potential, because they begin the game in Aragon's sphere, they will be protected, but won't have to worry about joining Aragon's wars. This means they can essentially have free reign over central and northern Italy.
Unfortunately, the Papal States don't have any particularly good RGOs, so its economy will struggle for the most part.