We investigate the evolution of far-IR CO emission from protostars observed with Herschel/PACS for 50 sources from the combined sample of HOPS and DIGIT Herschel key programs. From the uniformly sampled spectral energy distributions, whose peaks are well sampled, we computed the L bol , T bol ,and L L bol smm for these sources to search for correlations between far-IR CO emission and protostellar properties. We find a strong and tight correlation between far-IR CO luminosity (L CO fir ) and the bolometric luminosity (L bol ) of the protostars with µ L L CO fir bol 0.7 . We, however, do not find a strong correlation between L CO fir and protostellar evolutionary indicators, T bol and L L bol smm . FIRCO emission from protostars traces the currently shocked gas by jets/outflows, and far-IR CO luminosity, L CO fir , is proportional to the instantaneous mass-loss rate,Ṁ out . The correlation between L CO fir and L bol , then, is indicative of instantaneousṀ out tracking instantaneousṀ acc . The lack of acorrelation between L CO fir and evolutionary indicators T bol and L L bol smm suggests thatṀ out and, therefore,Ṁ acc do not show any clear evolutionary trend. These results are consistent with mass accretion/ejection in protostars being episodic. Taken together with the previous finding that the time-averaged mass-ejection/accretion rate declines during the protostellar phase, our results suggest that the instantaneous accretion/ejection rate of protostars is highly time variable and episodic, but the amplitude and/or frequency of this variability decreases with time such that the timeaveraged accretion/ejection rate declines with system age.