Not quite...it was the Council of Trent that forever separated Rome from an Augustinian understanding of faith, justification, etc. It was and remains, effectively, 'another gospel' (see Paul's Epistle to the Galatians).
Also, Luther was excommunicated. He didn't want to start something new, he didn't want schism, he wanted to reform the church from within. He called out their aberrations and they threw him out. Hus did similarly before Luther. He appealed to Scripture, they appealed to their power. There were many in that day who knew that "Rome was an open sewer" of corruption, debauchery, and spiritual oppression. In Trent, Rome effectively anathematized the true gospel, so the Christians that disagreed with them--preferring Scripture--well, they just continued meeting as the church.
Let's perhaps put this in terms we prefer: Rome was closed-source (only the clergy had access to the Scriptures, and it was in Latin) and it was centralized (agree with our interpretations or you're damned for eternity). They made up new rules by fiat--and if you disagree, you're burned at the stake. By getting the Word of God into the language of the common people, it was 'open-sourced' and decentralized. It was not a revolution: it was a _reformation_ -- a return to first principles.
I happen to think that 'Satoshi Nakamoto' chose Reformation Day to publish his white paper as a throwback to the 95 theses. What 'SN' started was a _monetary_ reformation -- a return to first principles. But that's just me.
Not sure how interested you are in this topic, but the Joseph Fiennes' version of the movie Luther relies pretty heavily on actual words written or spoken by Luther and those with whom he disagreed. It's not a super high-quality production (apart from the great Sir Peter Ustinov), but the film does an actually decent job of addressing what some of the issues were. I watch it almost yearly on Reformation Day. Check it out. If you're the reading type, you might pick up the little book by Darryl Hart called _Still Protesting_ which surveys what's happened since the Reformation, and why we're still divided on the same key points:
- Sola Scriptura (the authority of Scripture _alone_ - not Popes)
- Sola Gratia (salvation is by grace _alone_ )
- Sola Fide (justification by faith _alone_ - not mixed with our works)
- Solus Christus (by the work of Christ _alone_ - we contribute nothing as to the ground of our justification)
- Soli Deo Gloria (therefore God _alone_ gets the glory for salvation)