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 going on? We're here to see Anna Lloyd. That's my girlfriend. We were just cooking. Come in. (sniffs) Wow. Smells good in here. Anna and I just started a catering business. Mandarin-peel truffle oil? (..)2015 TvShow: Bones Title: The Promise in the Palace Season: 11 Episode 7