In 1527, a leaderless mercenary army took and sacked Rome. For three days the citizens of Rome were subjected to torture, murder, rape, pillage and all the other evils the kind of men a mercenary army was composed of could subject the citizens to.
At this point they would probably more accurately be called an “ex-mercenary” army. Nobody was paying them, which is pretty much why they attacked Rome. Loot would have to pay if Charles V or somebody else wouldn’t.
This is also well after the condottieri era, being a phase in the wars between France and Spain/Empire over control of Italy.