In simplest terms, "Pontifex Maximus" means "head honcho."
http://www.thefreedictionary.com/head+honcho
"Pontifex Maximus (Latin for Supreme Pontiff)."
It means he's the greatest, or chief, priest. The distant etymology of the word doesn't explain why the Pope is so called.
Pontifex Maximus – noun, Roman Religion.
a member of the Pontifical College, which was presided over by a chief priest
Origin:
1570–80; < L: appar. lit., path-maker, equiv. to ponti- (s. of p?ns) bridge, prob. orig., path (see pons ) + -fec- (comb. form of facere to make) + -s nom. sing. ending; the literal application is unclear
http://dictionary.reference.com/browse/pontifex%20maximus
pontiff – noun
1. any pontifex.
2. any high or chief priest.
3. Ecclesiastical.
a. a bishop.
b. the Roman Catholic pope, the Bishop of Rome.
Origin:
1600–10; earlier pontife < F, short for L pontifex pontifex
http://dictionary.reference.com/browse/pontiff
http://en.wiktionary.org/wiki/Maximus