I used to do that. I thought it was "the way" bassists were supposed to do it, because you see so many playing that way on TV.
Some tips that'll keep your wrist from the CTS bend:
1. Raise your elbow. It'll reduce the angle of your wrist. You can bring your elbow more out to the side as mentioned above, but you have to watch out that this doesn't create a bend at the side of your wrist as a result of your forearm turning perpendicular to your hand.
2. Begin using a floating thumb technique. Floating thumb is described in great detail in many of the threads around here if you do a search; basically, if youre moving your thumb up and down between all of the strings at all times, it's almost impossible to keep your wrist at that harsh angle.
3. You can change your hand position altogether, although this would be a drastic change that would take some time to get used to. I curl my fingers under my hand when I pluck, so my hand is always at the front of my bass, so my wrist only angles a little if at all, and my forearm barely touches the side of the bass.
Here's a pic if you'd like to see how it looks.
Good luck!