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.
(..) for formalities, brothers. My person is in danger and I... I... - Wow! What're you doing? - Oh, I'm sorry. - You wanna sniff mine first? - What? - Not from around here, are you? - Hey, stop it! - What? - This is serious. (..)2008 Bolt