The Vatican announced that there will be a number of changes in the rite, which was last modified in the post-Vatican II changes to the liturgy.
According to the Office of Liturgical Celebrations of the Supreme Pontiff the rite will be simpler, in part to avoid the impression that the ceremony of creating cardinals has any kind of sacramental meaning.
Instead of having the consistory and then the following day a Mass celebrated by the Pope in which he consigns a ring to each new cardinal, there will be just one ceremony in which the traditional three elements — the imposition of the biretta, the consignment of the ring and the assignation of their titular churches — will take place.
As well, both the collect and the concluding prayer have been modified, returning to the texts used prior to Vatican II: The two prayers speak of the powers the Lord gave to the Church, in particular that of Peter. The Pope also prays directly for himself, that he may carry out his duties well.
Insofar as the Scripture texts used, there will only be a Gospel reading, omitting the first reading. The Gospel text used will be that of Mark 10: 32-45, in which Jesus announces his death and subsequent resurrection to the disciples and also tells them they must not seek to dominate others, but to be servants to all.
The following day the new cardinals will still concelebrate Mass with the Pope.