I don't see Jiraiya dying here. There is too much of a 'teacher faces badass student but defeats him because he knows his mental/fighting weaknesses' situtation.

Nagato seems to be quite naive. Unless he is also a cunning strategist, thinking that he could fulfill his aim like this whilst having the rest of Akatsuki on board seems unrealistic. Although some of them are now dead, I can't believe that they would all be working towards the same goal i.e. that of Nagato. Unless he has decided in his mind to kill them all once the bijuu are gathered.