Then were gathered together the chief priests and ancients of the people into the court of the high priest, who was called Caiphas:
This is accurate in the historical context, since the episode occurs before the Christian priesthood is established.
I see. It is accurate in the historical context but is it accurate in the linguistic context? Not that I can tell. The actual rendering of the verse should be:
In the text (Matt 26:3), the word for chief priest is "archiereus", the word for scribe is "grammateus", and for elders "presbuteros". These are three different and distinct groups of people; not lumped together as "ancient of the people". (I'm sure they wouldn't be too happy with that term.)
Reader_David made a valid point that another word is used in scripture for priest but the English word "priest" is derived from the term for "elder, bishop" through "presbuteros". I can understand that logic. However, it creates problems in Titus 1:5 in trying to claim that Paul was talking about "ordaining priests". Priest is only an English derivation of a term-not the actual group of people as Paul is talking about.