Catastrophic forgetting remains a central challenge in continual learning (CL), yet lacks a unified information-theoretic explanation for why some architectures forget catastrophically while others do not. We introduce \emph{Context Channel Capacity} ($C_\mathrm{ctx}$), the mutual information between a CL architecture's context signal and its generated parameters, and prove that zero forgetting requires $C_\mathrm{ctx} \geq H(T)$, where $H(T)$ is the task identity entropy. We establish an \emph{Impossibility Triangle} -- zero forgetting, online learning, and finite parameters cannot be simultaneously satisfied by sequential state-based learners -- and show that conditional regeneration architectures (HyperNetworks) bypass this triangle by redefining parameters as function values rather than states. We validate this framework across 8 CL methods on Split-MNIST (1,130+ experiments over 86 days, 4 seeds each), showing that $C_\mathrm{ctx}$ perfectly predicts forgetting behavior: methods with $C_\mathrm{ctx} = 0$ (NaiveSGD, EWC, SI, LwF, CFlow) exhibit catastrophic forgetting (6--97\%), while methods with $C_\mathrm{ctx} \approx 1$ (HyperNetwork) achieve zero forgetting (98.8\% ACC). We further propose \emph{Wrong-Context Probing} (P5), a practical diagnostic protocol for measuring $C_\mathrm{ctx}$, and extend the framework to CIFAR-10 via a novel \emph{Gradient Context Encoder} that closes the oracle gap from 23.3pp to 0.7pp. A systematic taxonomy of 15+ closed research directions -- including the Hebbian null result (frozen random features outperform learned features), CFlow's $θ_0$-memorizer phenomenon, and the $S_N$ symmetry barrier to column specialization -- provides the community with precisely diagnosed negative results. Our central design principle: \emph{architecture over algorithm} -- the context pathway must be structurally unbypassable.