Originally Posted by Rikudou Sennin
Giffica just calm down dude ... we are all just posting our opinions. I agree with Myth and it is true that everything he said was word for word from the manga. No one is forcing you to believe him just check the manga.
And Myth I don't know about Minato but I think Naruto surpassed Jiraiya. (I mean he did perform better than him in the fight against Pain)
I think the Tods meant passing the previous generation in potential and Sage arts. The "offspring" of the "last generation" are the new generation. Konahamru was the new genration of Asuma and his brother. Kakashi was the new gerenation of his father and the Sannin's generation. Shizune too. Itachi and Sasuke were their father's new generation, as well as the new generation after the last great generation of Kakashi, and of the manga in general.
In general, the new generation are the young beginners in the ninja world. Naruto being called the new generation in comparison to Jiraiya and Minato would mean that Jiraiya and Minato are being called the last 2 generations, not considering Kakashi's generation.