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.
(..) Hey, what's in this tunnel? You listen to me, and you listen good and proper. Anything happens to him, you have me to answer to. One sniff something's not right... ...one hair stands up on the back of my head, it's over. No more slinker. No more stinker. You're gone. Got it? I'm watching you. (..)2003 The Lord of the Rings: The Return of the King