It does look like SDL developers don't use Valgrind, but I basically only care about those 120 bytes lost.
With this in mind, I've been running my 'Hello world' programs through Valgrind to catch any leaks, and although I've removed everything except the most basic SDL_Init() and SDL_Quit() statements, Valgrind still reports 120 bytes lost and 77k still reachable.
Well, with Valgrind, "still reachable memory" is often not really leaked memory, especially in such a simple program. I can bet safely that there is basically no allocation in SDL_Quit(), so the "leaks" are just structures allocated once by SDL_Init().
Try adding useful work and seeing if those amounts increase; try making a loop of useful work (like creating and destroying some SDL structure) and see if the amount of leaks grows with the amount of iterations. In the latter case, you should check the stack traces of the leaks and fix them.
Otherwise, those 77k leaks count as "memory which should be freed at program end, but for which they rely on the OS to free it.
So, actually, I'm more worried right now by those 120 bytes, if they are not false positives, and they are usually few. False positives with Valgrind are mostly cases where usage of uninitialized memory is intended (for instance because it is actually padding).