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.
(..) ...to Cobol Engineering two hours ago. By now, they know we failed. It's time we disappear. - Where you gonna go? - Buenos Aires. I can lie low there, maybe sniff out a job when things quiet down. You? Stateside. Send my regards. He sold you out. Thought to come to me and bargain for his life. (..)2010 Inception