The team did not even get a 'sniff of' the play-offs last year. [=did not even come close to reaching the play-offs]
It's not a big profit, but it's 'not to be sniffed at'. = It's not a big profit, but it's 'nothing to sniff at'.
Several companies, 'sniffing' [='sensing'] profit potential, are investing in the area.
(..) of yourself, Hot Pie. Try not to get killed. Ah, I won't. I'm like you, Arry. ( sniffs ) I'm a survivor. miles to King's Landing. One bottle of rum. You think we'll make it? (..)2017 TvShow: Game of Thrones Title: Stormborn Season: 7 Episode 2