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.
(..) ...what if we rented one of those self-storage places? You know, those little orange garages? Worked out of there? No, they're onto that. They've got dogs that sniff around. RV, that's what you want. What, like a Winnebago? Yeah. I know a dude who wants to sell his. He just goes camping with it. (..)2008 TvShow: Breaking Bad Title: Pilot Season: 1 Episode 1