Emperor's new school
A clever play on words!
The "Emperor's New School" is a clever reference to the classic fairy tale "The Emperor's New Clothes" by Hans Christian Andersen. In the original story, a king (not an emperor, but close enough!) is swindled by two weavers who promise him a magical fabric that is invisible to anyone who is unfit for their position or "hopelessly stupid". The king, eager to show off his new clothes, parades around in his underwear, unaware that everyone else can see that he's naked.
In your phrase, "Emperor's New School", I assume you're making a humorous comparison between the emperor's lack of awareness about his own nakedness and a school that might be similarly oblivious to its own shortcomings or problems. Perhaps the school is struggling with issues like poor teaching, outdated curriculum, or lack of resources, but the administrators are too proud or unaware to acknowledge the problems?
Am I on the right track, or is there another clever joke or reference hidden in your phrase?