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(Abridged) We develop and test a model for the cosmological role of mergersin the formation and quenching of red, early-type galaxies. Making the ansatzthat star formation is quenched after a gas-rich, spheroid-forming majormerger, we demonstrate that this naturally predicts the turnover in theefficiency of star formation at ~L_star, as well as the observed massfunctions/density of red galaxies as a function of redshift, the formationtimes of spheroids as a function of mass, and the fraction of quenched galaxiesas a function of galaxy and halo mass, environment, and redshift. Comparing toa variety of semi-analytic models in which quenching is primarily driven byhalo mass considerations or secular/disk instabilities, we demonstrate that ourmodel and different broad classes of models make unique and robust qualitativepredictions for a number of observables, including the red fraction as afunction of galaxy and halo mass, the density of passive galaxies and evolutionof the color-morphology-density relations at high z, and the fraction ofdisky/boxy spheroids as a function of mass. In each case, the observationsfavor a model in which galaxies quench after a major merger builds a massivespheroid, and disfavor quenching via secular or pure halo processes. We discussa variety of physical possibilities for this quenching, and propose a mixedscenario in which traditional quenching in hot, massive halos is supplementedby the feedback associated with star formation and quasar activity in a majormerger, which temporarily suppress cooling and establish the conditions of adynamically hot halo in the central regions of the host, even in low masshalos.

A Cosmological Framework for the Co-Evolution of Quasars, Supermassive Black Holes, and Elliptical Galaxies: II. Formation of Red Ellipticals