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 take certain duties on board The future is littered with prizes And though I'm the main addressee The point that I must emphasize is You won't get a sniff without me! So prepare for the coup of the century Be prepared for the murkiest scam Meticulous planning Tenacity spanning Decades of denial (..)1994 The Lion King