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.
(..) Melissa, we're going to Napa Valley. I don't even think they have strip club in wine country. I'm sure if there's one, Phil will sniff it out. It's not gonna be like that. Besides, you know how I feel about that sort of thing. I know, it's just, boys and their bachelor parties. It's gross. (..)2009 The Hangover