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.
(..) What's that spell?! Baby. You're damn right. # All the kids want somethin' to do # # Now I wanna sniff some glue # # Now I wanna have somethin' to do # # All the kids wanna sniff some glue # # All the kids want somethin' to do. # (..)2003 House of 1000 Corpses
(..) shy around new people, but he'll warm up to you, especially the girls. He's a real lady-killer. # All the kids wanna sniff some glue # # All the kids want somethin' to do... # You're gonna miss a good show tonight. That's your tough luck. (..)2003 House of 1000 Corpses