Translation
Or do you not know that the saints will judge the world? And if the world is to be judged by you, are you unworthy of smallest cases?
(See my comments after verse 3.)
Paraphrase
Or don’t you realize that the faithful, Godfearing followers of Jesus will one day judge the world? If you will be raised to a level of being qualified to judge the world, don’t you think you are qualified at this time to judge insignificant matters?