Team Jiraiya consist of Jiraiya and those who trained under him.
Jiraiya - This is Jiraiya in his prime.
Naruto - This is Naruto in Bijuu mode and full control of his powers.
Nagato - In his prime, has Rinnegan and healthy.
Konan - We don't see her fight much, but lets remember she almost took down Tobi single handedly. Something that Gui, Naruto, and Kakashi struggled with.
Minato - Not much needed to be said here.
Madara - This is Madaraas he was when he fought Hashirama. No Rinnegan, No Edo.
Obito - No Rinnegan
Itachi - A healthy Itachi, but without Amaterasu.
Sasuke - Current manga Sasuke, no Amaterasu though.
Fight takes place in the outskirts of Konoha.
Madara stole Jiraiya's dirty books and Jiraiya is angry.
Both teams bloodlusted.