Flash is a bully right? Peter is a nerd, Archie is a regular guy, and Jughead is a slacker. Flash would win by himself, but Archie and Jughead have the good guy factor on their side. They would find some way to humiliate or outsmart Flash in the end.
BUT...the presence of Peter Parker counteracts the good-guy (anti-bully) priniciple in comics and allows Flash to lay down the law.
Flash and Peter win.