As of right now, Bill Peters is the head coach of the Calgary Flames. You get the sense from speaking to those around the game, though, that it could change any second.
As of Tuesday evening, here’s where things stand.

The Flames investigation continues

Flames general manager Brad Treliving spoke with the media prior to the team’s practice in Buffalo. He wanted to let everyone know that contrary to Sportsnet’s initial report, Peters was still the team’s head coach.
That said, he reiterated that the investigation had yet to conclude and so he didn’t want to get into the details. He did refer to refer to the alleged conduct as “repulsive.” (The league referred to it as “repugnant” in their statement on Monday night.)

TSN has corroborated the initial incident

An article by TSN’s Frank Seravalli featured an interview with Akim Aliu adding some context to the situation and adding some details:
“He walked in before a morning pre-game skate and said ‘Hey Akim, I’m sick of you playing that n—– s—,’ ” Aliu told TSN, with Peters, who was then the Ice Hogs head coach, referring to Aliu’s selection of hip-hop music. “He said ‘I’m sick of hearing this n—–s f—— other n—–s in the ass stuff.’
“He then walked out like nothing ever happened. You could hear a pin drop in the room, everything went dead silent. I just sat down in my stall, didn’t say a word.”
Two of Aliu’s Rockford teammates who were in the room at the time of the alleged incident, Simon Pepin and Peter MacArthur, independently corroborated Aliu’s account to TSN on Tuesday.
Treliving shared in his media availability that he spoke with Aliu on Monday night and Tuesday morning.

Additional allegations have emerged

In addition to Akim Aliu’s initial allegations from Monday night, additional comments relating misconduct from previous stops in Peters’ coaching career have begun to emerge.

Peters is still head coach… for now

Peters remained at the team hotel and didn’t go to the arena for practice – associate coach Geoff Ward ran the show instead. The general sense chatting with folks around the league is this: Peters’ dismissal is a matter of when, not if. More likely than not, the lawyers are involved right now to determine precisely how Peters’ association with the Flames will come to an end.