Sorry, you lose the $500. As RLENT clearly stated, you should actually learn what the phrase really means as it is commonly used, with the key word there being "phrase". You used it yourself nested within quotes, "academic elite". In trying to be all cute and everything and trying to take joy out of one-upping the so-called academic elite, you've missed the small detail that a phrase is different from a word, and phrases often have different meanings than the individual words they contain. In the case of "academic elite", this is especially true.
The phrase "academic elite" has nothing to do with background, methods or outlook, and is applied exclusively to academic institutions and the people within them as being a closed society or circle that promotes the notion that only those people within that circled society have anything worthwhile to say or do, and if you aren't a product of that society, they dismiss you as irrelevant.
The top-35 economics departments at the top-35 most prestigious universities pull 76 percent of their faculty from their own graduates, with the other 24 percent being from one of the other top-35 universities. That's a glaring example of "academic elitism", where the only people worth of being on the faculty there are those who already within the circle of the academic elite.
Apparently, you've redefined "academic elite" to mean simply "snotty smart people that I'm jealous of because they keep talking over my head." And that's fine, I guess. But keep in mind that jealousy begets envy (to resent that another person has something they perceive themselves as lacking, and wish the other person to be deprived of it), and often wrath (an inordinate and uncontrolled feelings of anger or hatred and intense disdain of others).
I realize that by my posting this, I have also solidified my position in your mind as an "academic elite", and that's OK, I guess.
And yes, snotty smart people know very well what snotty un-smart people think of them, but they don't care, since snotty smart people are not going to dumb themselves down so that snotty un-smart people can feel smarter and better about themselves.