Jiraiya v. Orochimaru

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Let's see, Orochimaru openly admits that Itachi is stronger than himself, which is why he has given up on possessing Itachi's body. And Itachi openly admits that Jiraiya is clearly stronger than himself---when he tells Kisame that if the two were to take Jiraiya head on in a battle to the death, they would both get killed no matter what (the best and luckiest scenario being that Jiraiya also dies). Itachi also adds that even if he and Kisame had more men with them, the result would be the same. And we see that Itachi is the one who is running away (for his life) from Jiraiya when Jiraiya summons the frog esophagus to consume him and Kisame.

OK, so if Jiraiya > Itachi and Itachi > Orochimaru, then isn't it logical that Jiraiya >> Orochimaru? Yet when Jiraiya and Orochimaru then fight each other in the 90s episodes, it doesn't quite seem that way. Both were handicapped...did the poison really handicap Jiraiya that much more than the Third's sealing technique handicapped Orochimaru (which is ironic...a petty trick from Tsunade has more impact than a legendary technique used by the Fourth to capture Kyuubi). Because if both were handicapped equally, then Jiraiya should win if the preceding logic holds, no?

What is my pea-sized brain missing?